The Business of Fashion Podcast

In this Ask Me Anything episode, Imran Amed answers questions submitted by listeners from around the world, spanning luxury’s current downturn, the collapse of major wholesale platforms, the realities facing emerging designers, and how global growth narratives in India and Africa are often misunderstood. The conversation later zooms out to hear Amed’s advice on education and training, fashion journalism, and the skills needed to build a lasting career in an industry undergoing structural change.Key Insights: Amed frames the current downturn in luxury as fundamentally different from previous crises, arguing that this moment is rooted in structural choices made by the industry itself. Years of overexpansion, inflated pricing and relentless product drops have weakened trust and eroded meaning, leaving consumers disengaged. “The moment we’re in now feels different to me, because what’s happening is coming from inside the industry,” he says, pointing to oversaturation and a breakdown in perceived value. Despite the democratisation promised by direct-to-consumer channels, Amed believes this is one of the most difficult environments in decades for independent brands to gain traction. The collapse of key multi-brand platforms, combined with slow payment terms and intense competition, has made growth and cashflow management increasingly precarious. Yet, he sees opportunity for designers offering clarity and restraint where big brands have overreached. Smaller brands can compete by offering real value — “beautifully designed, high-quality products…that come from a sense of quality,” he explains, positioning scarcity and sensible pricing as advantages rather than constraints.Amed cautions against simplistic narratives that frame India or Africa as the next, immediate growth engines for Western luxury. In India’s case, he argues that expectations often ignore deep-rooted cultural and economic realities. “India already has a luxury industry that goes back hundreds of years,” he says, pointing to longstanding traditions in jewellery, tailoring and textiles that continue to shape consumer behaviour today. Africa, meanwhile, represents enormous long-term potential, driven by demographics, creativity and cultural influence — but much of luxury’s engagement still happens outside the continent. “Africa has more than a billion people and the fastest-growing population in the world — there’s no doubt that’s a huge future opportunity,” he says.Amed rejects the idea that there is a single route into fashion, but he is clear that success today demands a broader skill set than creativity alone. For designers, technical understanding and business literacy are increasingly essential if you want to build something sustainable. For journalists, Amed argues that a “point of view is the single most important thing in fashion journalism today.” He summarises: “ The one thing that’s true, whether you go to journalism school or not, is you just need to practice. If you’re a writer, you need to write every day. If you're a creator, you need to create every day. The more you write, the more you create, the more you’ll develop your own voice and the more you’ll feel confident in what you’re doing.”Additional Resources:Why India Will Not Be The Next China for Luxury | The BoF Podcast The Emerging Designers Pushing Fashion Forward | BoFThe Great Fashion Reset: Can New Designers Still Build a Business? | The Debrief | BoF  

Influencer marketing in 2026 is a different beast. Once dominated by follower counts and splashy sponsored posts, the sector is now shaped by richer performance data, new monetisation models and growing consumer scepticism toward overt selling. As BoF publishes a new case study on the creator economy, Pearl joins hosts Sheena Butler-Young and Brian Baskin to unpack how creators and brands are adapting to a more disciplined, competitive and AI-saturated landscape.Key Insights:One of the most profound shifts in influencer marketing is how success is measured. Where follower size once acted as a blunt proxy for reach, brands now have access to granular data that shows who actually drives traffic and sales. Pointing to platforms like ShopMy and LTK that allow brands to see “exactly what creators were driving sales for them,” Pearl says that visibility has reshaped spending decisions. She explains: “Having more data has totally changed the game. It really is incredibly varied today and there is no one baseline KPI. It’s really just about what are your goals and who’s the best to help you achieve that.”As consumers grow wary of constant selling, trust has emerged as the defining asset creators bring to brands. “Trust is the most important thing,” Pearl says. “If you don’t have your audience’s trust, nothing else matters.” What brands are really buying is not visibility, but a relationship. “What a creator really brings to the table is not necessarily the size of their following; it’s that relationship they have with their audience,” Pearl explains.As the sector professionalises, creators are actively reducing their dependence on single revenue streams. Affiliate marketing, subscriptions and owned platforms are increasingly central to sustainable creator businesses. “Affiliate marketing really provides that base foundational income that you can rely upon,” Pearl says. Substack, meanwhile, offers something brands cannot. She explains: “It brings back some of that intimacy and community that they felt was missing in this TikTok/Instagram world.” This diversification also changes the power balance. “They don’t want to rely too much on one particular partnership,” Pearl says. The upshot is a creator economy that is less fragile – and less easily dictated by brand budgets.Pearl argues the relationship between brands and creators is moving from transactional campaigns to longer-term collaboration. As creators become central to marketing in fashion and beauty, brands are changing how they work with them – and what they ask them to do. Brands can no longer dictate terms “like they used to,” Pearl says, because creators are now “recognised as being a really important part of the marketing puzzle.” That recognition is also changing what brands value: “You’re not just hiring this person for their following… you hire them because they’re a creator. They create great content. They know how to engage an audience.”Additional Resources:From Hype to Discipline: The New World of Influencer Marketing | Case Study Why There Are So Many Influencer Collaborations Right Now | BoF How Creators Can Avoid Being Replaced by AI | BoF Examining 20 Years of Fashion’s Influencer Economy | The BoF Podcast 

Editor-at-large, Tim Blanks and editor-in-chief, Imran Amed are back from the Haute Couture Spring/Summer 2026 shows where the biggest moments of the week lived up to all the anticipation.Jonathan Anderson’s debut at Dior reframed couture as a six-month creative lab — a backbone that can feed the entire maison with technique, emotion and ideas. At Chanel, Matthieu Blazy stripped away the obvious codes to put construction, movement and the body first — the kind of couture you only fully understand up close. There was also Valentino’s “panorama” staging and Schiaparelli’s turbocharged push for spectacle — all playing out against a tougher luxury backdrop this year’“Something that struck me about this season is the energy that everybody was evoking,” Blanks says. “The words people used to describe their feelings — it was Jonathan talking about having a lot of anger he needed to get out, or Mathieu talking about nature, or Alessandro talking about fantasy and fashion, and then Daniel Roseberry talking about turbocharging Schiaparelli.”Key Insights: Departing from the codes of previous designers, Blanks was struck by how much of Anderson’s own sensibility made it onto the Dior runway, from Magdalene Odundo’s vase forms to historic textiles and witty, collectible accessories. “I felt like there was real synthesis … I think he showed some of the most beautiful things he’s ever shown, and some of the most joyful clothes.” Within 90 minutes of the show, the full collection was installed at Villa Dior for clients to handle and order, underscoring Anderson’s structured, end-to-end planning. As Amed notes, “He’s operational … he thinks about the way it all works together. That’s quite rare in a designer.”Mathieu Blazy pared Chanel back to construction and movement, dialling down overt couture signatures to foreground cut and daytime dressing. The result read as a wardrobe built on the body rather than surface effect, with exquisitely fine details – budgies perched on pocket anchors, bird-on-mushroom motifs, slingbacks with tiny avian heels – that reward close looking. The Grand Palais spectacle amplified the tension between intimacy and scale, but as Blanks notes, “it does underscore in a very graphic way that couture is the ultimate private pleasure.”Alessandro Michele’s Specula Mundi for Valentino revived the 19th-century Kaiserpanorama to slow the audience’s gaze and amplify detail. Reading from Alessandro’s letter, Blanks highlights: “We continue to work within this space not to fill an absence, but to preserve it. Only by accepting such a void, with no intention to fill it, can Valentino’s legacy remain what it has always been.” Another line reads: “There is no fantasy without beauty, and there is no freedom without beauty and fantasy.”A common thread this season is that designers are newly humbled by the expertise of the craft. “Everybody was talking about their ateliers, all these ready-to-wear designers being confronted with what a couture atelier is capable of,” Blanks says. After visiting Valentino, he notes: “There were five separate ateliers working on the clothes… I can’t thread a needle, but I got kind of palpitations walking through – it’s just so incredible, that kind of artistry.” Anderson himself calls Dior’s workrooms a “mini city” of ultra-specialists.Additional Resources:Couture Has Entered a New Era. What Does It Mean? | BoF Blazy’s Chanel Couture Was a Slam Dunk! | BoF Exclusive: How Jonathan Anderson Is ‘Rebooting’ Couture at Dior | BoF The Beating Heart of Haute Couture | BoF 

Across fashion, companies that once embraced remote or hybrid work are increasingly pushing employees back into the office, with some moving towards four or even five days a week. At the same time, competition for jobs, particularly at entry level, is intensifying amid layoffs, slower industry growth and the rise of AI. On this episode of The Debrief, senior correspondent Sheena Butler-Young and executive editor Brian Baskin are joined by BoF Careers’ Sophie Soar to unpack why the power balance has shifted back to employers, how different generations feel about being in the office, and what practical routes still exist for early-career talent trying to get a foot in the door. Key Insights:During COVID, companies found people could be “just as, and in some cases, more productive” at home – but that was when productivity meant output. Now, Butler-Young argues that employers are widening the definition: “Productivity should also include collaboration, morale, people being together… face time with leaders.” And with the labour market tightening following economic pressure, layoffs and AI taking some jobs, leaders have more leverage to enforce it. “In 2025 and now into 2026, it’s looking more like an employer’s market,” Butler-Young says.While some executives argue that in-person work improves collaboration and reduces errors, Butler-Young warns that motivations are not always benign. She points to a growing sense that mandates can act as a quiet form of workforce reduction. “One way you can get people to effectively fire themselves is to make them come to the office,” she says, noting that some companies may prefer attrition to public layoffs. She also cautions against copy-and-paste policies. “If you’re seeing productivity high and morale high at one to two days a week, you need to ask yourself, what am I hoping to accomplish if I move it to four or five?” Despite a difficult labour market, Soar stresses that fashion companies have not stopped hiring altogether. Instead, they are being more selective, particularly when it comes to junior roles that can be automated. "There definitely is a squeeze on the ones that are considered more rote work,” she says. “Those are the roles you could potentially automate or replace with AI.” However, some employers are still investing in early-career talent. “Those who are still hiring for entry-level roles recognise the benefit that that talent can bring,” Soar explains, pointing to diversity, long-term retention and fresh perspectives.Additional Resources:Fashion Is Done With Remote Work | BoF How to Get Ahead in Fashion’s Stagnant Job Market | BoFHow Fashion Brands Are Making Remote Work Permanent | BoF 

On Monday Jan. 26, Jonathan Anderson debuted his first couture collection for Christian Dior.In December, BoF founder Imran Amed travelled to Paris to meet with Anderson to get a first look, and to take stock of his journey thus far. Anderson is unveiling his first Dior couture collection while orchestrating a sprawling calendar across men’s, women’s and accessories. He explains how couture went from “irrelevant” in his mind to an emotional, craft-first engine for the house — and why he’s reshaping how Dior makes, shows and shares couture with clients and the public.“Couture is an endangered craft," he says. In this conversation, Anderson reflects on why couture exists, how endangered craft can be protected and the very human reality of leading a global fashion machine.Key Insights: Anderson admits that a year ago he never saw himself in couture. Now he describes fittings as an education within a living French institution. “I joke every time I’m in a fitting, I feel like I am doing a PhD in couture,” he says. Seeing the atelier at work reframed it entirely: “Couture is kind of like an endangered craft. What Dior is doing is protecting this as a national symbol of making,” says Anderson. “Once I got into that mind space, then I was able to work out, okay, well, what do I want from it? Or what is new for Dior in a landscape that’s had some of my heroes in it.”Anderson is reframing couture as an experience to be studied, not just scrolled — extending the 15-minute show into a three-part journey. Act I: the runway. Act II: intimate cabinet presentations at Villa Dior, where clients handle every component with the atelier team on hand, followed by days of selling. Act III: a free public exhibition that places the new collection in dialogue with Christian Dior and artist Magdalene Ndondue — an invitation to witness technique, context and provenance up close. As he puts it: “A photograph will never tell you that a dress took 4,000 hours. ... I’m inviting people to see something physical, because it may change your mind — it might change your opinion of it.”Before unveiling his first Dior women’s collection, Anderson invited John Galliano to privately view the work — a full-circle moment with a hero who helped define Dior in the public imagination. Galliano arrived with two bunches of wild cyclamen tied with black ribbon, a gesture that became talismanic for the Spring/Summer 2026 show’s pink-and-black mood and forest-floor set details. More than the symbolism, it was Galliano’s counsel that stuck: “The more that you love Dior, the brand, the more it will give you back,” recounts Anderson. Anderson argues for real transparency around the people off-camera who turn an idea into a product and a show into a business. He highlights merchandisers, window teams, logistics, finance and operations — all of whom translate creative vision into reality. “It may not be creative, but they work in a creative business; they have to try to work out how to make a designer’s dream come true. If we want to pull the veil down, we have to do it in all categories. A fashion show is not just me; I am the conductor,” he says. “I have a responsibility to the hundreds, thousands of people who work here to make sure it works. It’s a balancing act.”Anderson wants each show to have its own energy while still speaking a shared Dior language. “I will build a vibe or a kind of culture around a brand, but then… the energy of each show has to be a different energy.” He adds: “They all also have to be linked. There is a language that is built.” Working with Dior chief executive Delphine Arnault, Anderson is trying to “put down concrete blocks”. Some will “end up being sand and then you’ll have to rebuild it,” he says.Additional Resources:Jonathan Anderson | BoF 500Clothes for Life or Clothes as Costume?Louis Vuitton, Dior and What Luxury Means Today

Speaking at the Institut Français de la Mode graduation ceremony in Paris, BoF founder and CEO Imran Amed reflected on his own personal  journey that led him to create The Business of Fashion, starting with a chance encounter with a stranger in the New Delhi airport.“That moment was the beginning of my search for purpose, to build a life and career with meaning in service of something greater than myself,” he says. “It was during that course that I realised I was living a life built to impress others, not to express myself or use my creative talents.”Fashion is currently in a moment of reckoning: technology is reshaping behaviour, old rules are persisting as the world accelerates, and trust is shifting away from gatekeepers. Amed’s message to graduates: clarity of purpose.Key Insights: “There will be disruptions and external forces completely outside your control. But if you are clear about your purpose, that can guide you every day as the world changes around you — it becomes your North Star, the compass that helps you to find your way in a world of turmoil and change,” says Amed.Graduating into a downturn once hindered Amed’s own fashion ambitions until the early days of the internet and social media opened an unexpected route.Amed used these new tools to join and shape the global fashion conversation. “By using a new technology, I was able to create something to read around the world, helping an entire industry navigate two decades of change,” Amed says. For today’s graduates, moments of flux are “the greatest moments of opportunity.”According to Amed, there are currently three big problems in the fashion industry that graduates can make the biggest impact. The first is growth without meaning: “Growth has become a proxy for relevance, but the result wasn’t abundance – it was dilution,” Amed says. His prescription: “the most radical thing you can do in fashion is to practise restraint… create less, but better.” The second is values without systems: “The era of storytelling without systems is ending,” Amed says — supply chains should be designed to reduce waste, AI should be used for efficiency and workers’ rights should be foundational. The third, is authority without trust: power is migrating from headquarters to creators and communities. “Legitimacy is earned through trust and hard work,” Amed says, as consistency and context now confer authority.“You just need to choose one problem and serve it really, really well,” he says. “The future of fashion won't be decided by those who speak the loudest, but by those who choose to act with care, and are guided by a sense of purpose. This isn't something you find once and keep forever. Purpose will evolve just as you evolve.”   Additional Resources:The State of Fashion 2026: When the Rules Change | BoFThe Emerging Designers Pushing Fashion Forward | BoF How Fashion’s Rising Stars Are Surviving the Luxury Slump | BoF

Sneakers have driven growth for the sportswear industry for decades, in recent years accelerated by the pandemic and work-from-home culture. However, a recent Bank of America report sparked debate by suggesting the sneaker boom may be nearing an end, including a rare double downgrade of Adidas. On The Debrief, sports correspondent Mike Sykes joins hosts Brian Baskin and Sheena Butler-Young to examine whether slowing growth marks a genuine reversal of casual dressing, or a return to more sustainable demand shaped by price sensitivity, comfort and experimentation rather than hype. Key Insights:The Bank of America report struck a nerve because it questioned a decades-long growth story about the sneaker industry. “This one was the first one in a while that seemed to spell a bit of doom and gloom for the industry,” Sykes says. “Everyone has been on pins and needles for the last couple of years as Nike has been in its downturn… and Bank of America is saying, yeah, it’s over.” The double downgrade of Adidas amplified that anxiety. “If Adidas is getting the double downgrade here, what does that mean for everyone else?” Sykes asks. The implication was not just brand-specific weakness, but the possibility that the sneaker cycle itself had run out of road.However, slower growth does not necessarily mean sneakers are ‘over’. Instead, the data may reflect a market adjusting after years of abnormal acceleration. “Everyone else seems to feel like things are going at least okay,” Sykes says. “Maybe not perfect, but nothing is perfect in this economy right now.” He notes that among the analysts and industry figures he spoke to, there was little appetite for declaring the trend finished. “People are still into sneakers,” says Sykes. Sneakers and sportswear have lasted because they are easy to understand, easy to buy and relatively affordable compared to many fashion categories. “Sneakers are generally just accessible for people. It’s an easy trend to follow,” Sykes says. “You can easily spot which ones are cool and it’s very easy to hop on the bandwagon.” That accessibility matters even more in a strained economy. As Sykes highlights, with consumers weighing “do I wanna buy this next outfit or do I want to buy groceries,” sportswear’s practicality continues to anchor demand.For the sneaker cycle to truly turn, something has to replace it – either a new hit product within the category or a different footwear trend entirely. Right now, what is emerging is not a shift toward formality, but a widening of what casual footwear looks like, as displayed by the popularity of Nike’s ReactX Rejuven8 recovery clog. “Speaking to people who have wanted this shoe, it’s mostly about the comfort,” Sykes explains. “As far as ending the casualisation trend, this is not a shoe that would do that. This is a shoe that would entrench it.”Additional Resources:Have Sneaker Sales Finally Peaked? | BoF The Sneakers That Mattered Most in 2025 | BoFSneaker Resale Isn’t the Business It Used To Be | BoF  

Saks’ bankruptcy was widely expected, yet still felt like a shock to the fashion system. The department store giant’s Chapter 11 filing outlines $1.75 billion in restructuring finance and $3.4 billion owed to as many as 25,000 creditors – including $136 million to Chanel alone. Who will get paid, and what Saks looks like at the other end of the bankruptcy process, is an open question. Former Neiman Marcus chief Geoffroy van Raemdonck will lead the reset. As BoF’s retail editor Cat Chen puts it, Saks will need to “shrink in order to grow,” curb discounting, and rebuild trust through clienteling and service.Key Insights:Missed vendor payments undermined confidence in Saks Global soon after it acquired Neiman Marcus and Bergdorf Goodman. “Even after Saks created these new payment terms, they weren’t able to stick to their instalments,” Chen says. Labels “stopped shipping to Saks entirely,” creating “a death spiral where Saks wasn’t getting good inventory, and this hurt their ability to attract customers,” and sales slid further.When Saks Global acquired Neiman Marcus, both companies were extremely levered going in, with savings being swallowed by interest. The plan pitched $500 million in cost savings, but Saks Global took on more debt — $2.2 billion in bonds. As Chen explains, with margins in multi-brand retail already slim, “they were ill-fated because… a chunk of whatever sales or savings they were able to generate would be going toward interest payments.” As Saks has 10,000 to 25,000 creditors, owed $3.4 billion, bankruptcy court will approve a list of critical vendors that are essential to Saks’s business. While conglomerates will cope, “it's really the smaller independent brands that might be owed less money, but the amount that they're owed are just so much more critical to their business operations. These are the players that are the most vulnerable right now,” Chen warns — and it’s not just brands. A model shared she’s “owed $46,000...and can’t pay rent now.”Now, Saks must reset its business. Van Raemdonck “took Neiman Marcus in and out of bankruptcy,” yet Chen is blunt about the reality of the situation: “Saks Global will have to shrink in order to grow.” That means closing stores, stabilising cash flow and getting ruthless about discounting. From there, Chen says Saks has to compete on experience, delivering the best customer service and catering to their VICs. Additional Resources:Saks Global Files for Bankruptcy After Monthslong Hunt for Cash | BoF Chanel, Gucci and Capri Holdings: The Brands Topping Saks’ Creditor List | BoF