The 2025 Luxury Report: Preppy Fashion, a Return to Craftsmanship, and the Fine Jewelry Boom
Podcast: The Who What Wear Podcast
Host: Kat Collings (Editor in Chief, Who What Wear)
Guest: Kristen Nichols (Associate Director of Special Projects, Who What Wear)
Date: December 17, 2025
Episode Overview
This episode presents Who What Wear’s much-anticipated annual Luxury Report, as Editor in Chief Kat Collings interviews luxury expert Kristen Nichols about the pivotal trends, shifts, and must-have items that shaped luxury fashion in 2025. The discussion explores the massive creative director shakeups at major fashion houses, the rise of nostalgic dressing and preppy aesthetics, the fine jewelry boom, the increasing weight of celebrity influence, and predictions for 2026 in luxury fashion.
Key Discussion Points & Insights
The Research Behind the Report
- Kristen Nichols’ Approach:
- Comprehensive review of runway moments and industry conversations
- Consultations with luxury sourcing experts such as Gab Waller, Erica Wright, and April Henning from Moda Operandi
- Focused on two major themes: Creative director shakeups and "IT" luxury items
- “It’s really a chance to look back on everything that’s happened in fashion... big shakeups at the top and the IT items everyone wants in their closet.” — Kristen Nichols [03:10]
Massive Creative Director Shakeups
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Unprecedented Turnover:
- 20+ new creative directors at major houses, creating a "reset" in global fashion
- “There have never been so many designers and creative directors starting at one moment in time.” — Kristen Nichols [04:25]
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Notable Debuts:
- Michael Rider at Celine: Ushered in a modern, accessible preppy style, bringing pieces like printed silk scarves back into the spotlight [05:19]
- Jonathan Anderson at Dior: Fused house codes with his offbeat vision, resulting in viral moments like the statement belt seen on Carla Welch’s feed [06:35]
- Louise Trotter at Bottega Veneta: Noteworthy as a woman taking over an iconic, beloved house [07:42]
- Matthieu Blazy at Chanel:
- Evening debut with a cosmic “new universe” set, joyful optimism, and a viral rainbow finale skirt [08:23]
- Second show (New York Subway theme): Immersive, cinematic spectacle, blending brand heritage and contemporary storytelling [09:55]
Notable Quote
“It was just this moment of joy and optimism and felt like really just again, like this reset in fashion that was embodied in that moment.”
— Kristen Nichols on Matthieu Blazy's Chanel debut [08:23]
Storytelling & Craftsmanship on the Rise
- Fashion as Narrative:
- Cinematic experiences and storytelling now differentiate luxury, fostering a sense of identity and belonging among consumers [11:38]
- Bottega’s "Craft as our Language" campaign: Showcased artisans’ hands and techniques [12:00]
- Chanel’s Italian scarf manufactory: Emphasizing generational craftsmanship and heritage [12:00]
- “Hermès stands out as a brand... you don’t even have to think twice about knowing that they’re handcrafted and made with so much precision and technique.” — Kristen Nichols [13:02]
The Role of Celebrity Influence
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Brand Ambassadors Shaping Trends:
- Strategic celebrity partnerships reflect brands’ values and point to emergent trends [16:53]
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Standout Moments:
- A$AP Rocky & I.O. at Chanel: Champions of fresh, diverse expression [17:11]
- Jacob Elordi with Cartier & Bottega:
- Embodies Gen Z and Millennial appeal
- Highlighted for wearing Bottega bags, Cartier watches, and starring in Sofia Coppola’s campaign [17:11]
- “He can truly wear anything and make it look cool....really influencing style for that generation, men and women alike.” — Kristen Nichols [17:11]
- Addison Rae: Transitioned from TikTok star to high-fashion darling, donning Versace and collaborating with top creatives [18:42]
- Romy Mars: Rising tastemaker thanks to Chanel connections and musical stardom [19:32]
Notable Quote
“I want one. Stack them on me.”
— Kat Collings on the new Cartier Love Unlimited bracelet and its campaign with Jacob Elordi [18:02]
Nostalgic Preppy Fashion & the Power of the Past
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Preppy Trend Dominates:
- Explosive ‘back to prep’ movement, renewed by Celine’s creative direction
- GQ declared preppy the #1 trend of 2025 [20:10]
- Ralph Lauren’s resurgence signals enduring Americana nostalgia [20:10]
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Aesthetic Throwbacks:
- Editorials and campaigns referencing 90s/00s film photography
- Theo Wenner named “the it photographer of this moment in fashion,” shooting major Dior and Vanity Fair campaigns [21:56–22:21]
2025’s IT Items: Quality, Longevity, and Investment Pieces
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Intentional Purchases Replace Fast Trends:
- “People are really just shopping more intentionally and buying pieces that they’ll wear for a long time.” — Kristen Nichols [23:09]
- Fewer traditional "IT" items, more focus on longevity, versatility, and practical luxury
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Key Must-Haves:
- Chanel 25 Bag:
- Now seen as the main luxury “IT” accessory of the year
- Unlike typical fashion “moments,” it’s being carried over into each new collection
- “Gab Waller mentioned she’s getting even more requests for now than when it debuted...it’s on the rise more than ever.” — Kristen Nichols [24:39]
- Fine Jewelry Boom:
- Outpacing bags and shoes as a focus for luxury shoppers — seen as both investment and sentimental
- Cartier: Heritage timepieces and Love bracelet “relaunch” making waves, especially with Gen Z/Millennials [26:47]
- Patek Philippe: Coveted for rare, collectible watches
- Jessica McCormack: Breakthrough jeweler beloved by the fashion set for her signature earrings and necklaces [27:59]
- Chanel 25 Bag:
Notable Quote
“Jewelry is still expensive, but shoppers are gravitating towards pieces that retain value, have something meaningful or sentimental attached, and have this element of limitless wear.”
— Kristen Nichols [25:42]
Predictions for 2026: What’s Next in Luxury
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Potential Shakeups:
- Sudden creative director departures (e.g., Daria Vitale at Versace) may signal new directions, driven by corporate conglomerates [29:12]
- Grace Wales Bonner named as creative director of menswear at Hermès, a move met with industry-wide excitement and expected to influence both men's and women's luxury aesthetics [29:12]
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US Market Focus:
- Major luxury cruise collections shifting from far-flung locales to New York and LA — “shows that there’s a lot of interest in the market of the US and making sure that paying attention to the shoppers that are based here.” — Kristen Nichols [30:40]
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Storytelling as Central to Luxury Experience:
- Brands are expected to further lean into cinematic presentations and brand narratives
- “Storytelling matters more than ever, and luxury now is about belonging and feeling connected to a brand rather than being a bystander of it.” — Kristen Nichols [31:28]
Notable Quotes & Memorable Moments
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On the Preppy Revival:
- “It’s not your grandmother’s, like, silk patterned scarf anymore.”
— Kat Collings [06:32]
- “It’s not your grandmother’s, like, silk patterned scarf anymore.”
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On the Chanel Subway Show:
- “It was just also like this big moment...all the attendees walking down the steps of the subway....And then a subway car swept in with all the models on it. It was one of the most exciting shows I’ve been to.”
— Kristen Nichols [09:55]
- “It was just also like this big moment...all the attendees walking down the steps of the subway....And then a subway car swept in with all the models on it. It was one of the most exciting shows I’ve been to.”
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On Intentional Shopping:
- “2025 was a big year for purchases that felt intentional rather than impulsive.”
— Nikki, Who What Wear Editor [15:05; excerpt during segment]
- “2025 was a big year for purchases that felt intentional rather than impulsive.”
Segment Guide with Timestamps
- 01:34–03:10 — Intro to the Luxury Report: Background and methodology
- 04:25–11:38 — Deep dive into creative director shakeups at Celine, Dior, Bottega, Chanel
- 12:00–13:40 — Craft, heritage, and the return to artisanal storytelling
- 16:53–19:54 — Celebrity influence: A$AP Rocky, Jacob Elordi, Addison Rae, Romy Mars
- 20:10–22:21 — Nostalgic dressing: Preppy trends, Ralph Lauren, Theo Wenner’s photography
- 22:21–25:24 — The year’s “IT” items: Focus on longevity, Chanel 25 bag, rise of fine jewelry
- 25:40–27:59 — Fine jewelry boom: Cartier, Patek Philippe, Jessica McCormack
- 29:12–32:11 — What’s next: Leadership changes, U.S. market focus, storytelling in fashion
Closing Thoughts
The 2025 Luxury Report underscores a fashion world in flux: marked by renewal in creative direction, reinvigoration of classic and preppy tropes, a thoughtful consumer shift toward timeless investments, and the increasing importance of storytelling and identity in luxury. As Nichols puts it, “Luxury now is about belonging and feeling connected to a brand.” With industry disruptions still unfolding and a new generation of icons emerging, anticipation for 2026 – and its stories – is higher than ever.