Wednesday, December 3, 2025

High Margin: Chanel Takes the Subway, LVMH’s Management Shakeup

Hello from Paris. Lots to unpack this week at luxury’s two biggest brands. Starting with Chanel…

In this edition: Matthieu Blazy’s sophomore show for Chanel, expanded duties for Louis Vuitton CEO Pietro Beccari and Sant Ambroeus’ latest outpost.

Chanel Takes the Subway

There’s a lot to like about Matthieu Blazy’s Chanel. The way material innovation, craftsmanship, design and image-making are so closely intertwined, and work together to tell a story. The way he uses fashion to create a panoply of identifiable characters without veering into costume. The way his first two shows have teased out an emotional response rather than bludgeoning us with a pre-ordained vibe. He and his team really emphasise process, resulting in clothes that leave me wanting to know more. What was that technique, that material? How did they arrive at this palette, those prints?

Blazy’s sophomore collection shown Tuesday in New York — his first annual Métiers d’Art outing — channeled the expertise of Chanel-owned suppliers like Lesage and Lemarié to convey a point of view about the city, its history and iconography, the various ways in which its women dress and live. It avoided falling into a heavy-handed exercise about technique (with correspondingly heavy-looking clothes, as has sometimes been the case for this collection).

The beaded pinstripes on Alex Consani’s zoot suit were a perfect example. I also liked the leopard dress with the chunky buttoned-on straps; the abstract floral jacket in white, yellow and dark brown; the tiered black gown with the swinging tassels; the red and pink ombré crystals. The jeans and white-T-shirt combo underneath the long embroidered vest was a bit jolting amidst the faux furs and fascinators (not to mention in the context of a Chanel runway show), but it helped to land the “slice of life” staging. Chanel committed to the bit — that model was barely wearing makeup, and had her hair down loose.

With so many things to like about what Blazy’s Chanel is, I’m struggling to relate to detractors who seem to be getting hung up on what it’s not.

Chanel Métiers d’Art 2026.
Chanel Métiers d’Art 2026. (Chanel)

No, his first two shows are not driving fashion forward with a clear, prescriptive silhouette. I can see how these loose, eclectic collages of designs might feel like a drastic retreat from the more focused, authoritative glamour of years past. But a) Rome wasn’t built in a day, b) Chanel needed to loosen up and c) Blazy’s unpredictable streak — random even, in the case of that “Bowie and his dogs” look — is giving people a reason to keep a close eye on the brand.

Some of the ensembles may seem a bit out there to Chanel’s core customers. But from a commercial standpoint, the bags in this collection felt like a breakthrough: softer, bigger, more lived-in. The brand’s hit handbags have previously been ultra-classic designs (like Flap and 2.55) or expensive seasonal novelty bags aimed at Chanel superfans, while attempts at commuter styles like the Deauville shopper were a bit sad. This lineup of practical yet desirable totes could provide a new axis for growth. (New brand ambassador A$AP Rocky wore one on the Gotham Awards red carpet last night — a hint at how Chanel might cash in on its growing line-up of male spokespeople without launching “menswear,” per se.)

I was initially surprised Chanel would stage the show in the actual subway instead of re-creating one as a set — channeling Karl-era theatricality — or simply choosing a more conventionally glamorous backdrop. But opting for such a raw, democratic backdrop for its pinnacle expression, the runway show, made for a strong statement after several years of being criticised by consumers for being too out of touch. The brand knows how to do fantasy; re-enchanting the reality of being a Chanel client is where the brand needed work.

I still haven’t sorted out the strategy behind the brand’s rollout of the show online. Rather than streaming live, the brand staged two shows for clients and press hours before releasing the official video on its website — creating a vacuum that allowed amateur photography to drive the narrative surrounding the show. As of Wednesday evening, the brand has still posted only one video teaser on its own Instagram: no stills, no additional clips. Blazy’s clothes are not the easiest to capture in a photograph: This isn’t a brand for which it makes sense to let the audience do the talking.

Beccari Takes On LVMH Fashion Group

LVMH chairman Bernard Arnault and Louis Vuitton CEO Pietro Beccari.
LVMH chairman Bernard Arnault and Louis Vuitton CEO Pietro Beccari. (Getty Images)

LVMH made a surprise announcement Wednesday morning that Pietro Beccari, Louis Vuitton’s CEO since 2023, would add oversight of the LVMH Fashion Group to his duties while remaining at the helm of Vuitton.

The Fashion Group’s current chief Sidney Toledano is finally stepping back from operations after a previous attempt at retirement in early 2024. Beccari’s arrival could provide fresh impetus and energy to the Fashion Group, whose brands currently include:

  • Celine
  • Loewe
  • Fendi
  • Kenzo
  • Givenchy
  • Pucci
  • Patou
  • Marc Jacobs

Celine and Loewe have a pretty clear brief — competent CEOs remain in place, who have managed to keep up momentum through subtle evolution rather than radical rebrandings as they onboarded new designers this year.

The plan for Fendi under chief creative officer Maria Grazia Chiuri and CEO Ramon Ros is less clear. How will they differentiate from her former brand, Dior, where her designs will keep arriving in stores well into next year? What will they do about menswear? Beccari knows the dossier well — having served as Fendi’s CEO from 2012–2018, and having worked closely with MGC as CEO of Dior from 2018–2022.

Under the new structure, Beccari will be overseeing all of LVMH’s fashion brands except Dior and Loro Piana, both of which are managed by members of chairman Bernard Arnault’s family.

Arnault may be wanting to streamline some reporting lines as he prepares his succession. Still, it seems like a stretch that one executive would sit across such a diverse portfolio of big and important brands long-term.

This may be a transitional set-up: While Louis Vuitton’s sales have been relatively resilient compared to the wider industry during Beccari’s tenure, the brand may need a fresh push to reignite growth. Louis Vuitton’s new deputy CEO Damien Bertrand is being added to LVMH’s executive committee, adding fuel to speculation that the group is fast-tracking him as Beccari’s successor leading its biggest and most profitable brand.

Sant Ambroeus Opens in Paris

Sant Ambreous has moved into the historic Parisian building previously occupied by Silencio des Prés.
Sant Ambroeus has moved into the historic Parisian building previously occupied by Silencio des Prés. (Courtesy)

The fine dining group Sant Ambroeus is opening its first location in Paris this week. Sant Ambroeus — best known for its breaded veal cutlet, beef carpaccio and princess cake — was founded in Milan in the 1930s before expanding to New York’s Madison Avenue in the 1980s. Since then it’s added locations in SoHo, the West Village, Southampton and Palm Beach as it tries to build a global brand.

In Paris, they’ve moved into the historic building previously occupied by Silencio des Prés. Fabrizio Casiraghi led the renovation, evoking the warm, clubby vibe of previous outposts with loads of wood paneling and plush carpet, and reorganising the flow to direct traffic away from some low beams and false ceilings. (The space still has some wonky areas, but they fit in with Sant Ambroeus’ cosy vibe.)

Paris has historically resisted fine dining chains. The city boasts neither Cipriani nor Nobu, Zuma or Carbone. Langosteria is a key exception — it moved to the top floor of the Samaritaine when it was converted to a Cheval Blanc hotel by LVMH in 2021. It is delicious, but hardly a go-to for locals.

Sant Ambroeus has a better chance of ingratiating itself with the local scene. The group’s creative director Alireza Niroomand has moved back to Paris to spearhead the expansion. It’s well-situated on a pedestrian street in Saint-Germain, steps from Café de Flore and Les Deux Magots. Prices are more accessible than other upscale chains, more or less in line with the surrounding area. And the sunken salon is great for people watching: From our table at their Friends and Family lunch ahead of a grand opening Dec. 8, I could see everyone spinning through the rotating Art Nouveau doors. (I ordered an anchovy starter and linguine with red shrimp crudo— pretty good!)

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