01DEMNA NOW RUNS GUCCI, THE HARDEST TURNAROUND JOB IN LUXURY. HE
ARRIVED IN 2025, MONTHS AFTER GUCCI'S SALES FELL 25 PERCENT IN A
SINGLE QUARTER AND DRAGGED OWNER KERING DOWN WITH THEM. A
DIVISIVE DESIGNER, HANDED A VALUABLE HOUSE IN TROUBLE.
02HE WAS WRITTEN OFF FOR YEARS AS THE GIMMICK GUY: THE DELIBERATELY
DESTROYED SNEAKERS SOLD AT LUXURY PRICES, THE BAG SHAPED LIKE A
BIN LINER, THE DHL COURIER SHIRT. CRITICS CALLED IT TROLLING. THEN
HOUSE AFTER HOUSE STARTED BORROWING HIS SHAPES.
03DEMNA SPENT A DECADE TURNING BALENCIAGA FROM A QUIET COUTURE
NAME INTO THE LOUDEST BRAND IN FASHION. CO-FOUNDER OF VETEMENTS,
TRAINED AT ANTWERP, HE MADE UGLY-CHIC A BUSINESS MODEL. RIVALS
MOCKED IT IN PUBLIC AND COPIED IT BY THE NEXT SEASON.
04THE BACKSTORY HE DID NOT SELL ON A RUNWAY: BORN IN SUKHUMI IN
1981, HE FLED THE WAR IN ABKHAZIA IN 1993, A REFUGEE THROUGH
UKRAINE, MOSCOW, THEN GERMANY. HE HAS NOT BEEN ABLE TO RETURN
HOME. THE UNEASE IN HIS CLOTHES WAS NOT A POSE.
05HIS GUCCI READS AS A CORRECTION. LA FAMIGLIA, 38 LOOKS SHOT AS
FAMILY PORTRAITS, THEN A MILAN DEBUT LEANING INTO TOM FORD'S
SLINKY 1990S GUCCI: BODYCON, SHARP TAILORING, SEX. HERITAGE AND
PROVOCATION AS LOVERS, NOT OPPOSITES, IN HIS OWN WORDS.
06BY THE CLOSE OF 2025 GUCCI HAD SLOWED ITS DECLINE FASTER THAN
ANALYSTS FORECAST. THE VERDICT IS NOT IN, BUT THE PATTERN IS OLD
AND RELIABLE: THE INDUSTRY LAUGHS AT DEMNA, THEN TAKES
NOTES. BET AGAINST HIM AT YOUR OWN RISK.