The Market Just Crossed a Dangerous Line

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

Chanel appoints designer Matthieu Blazy as new artistic director

THOMAS ADAMSON
December 12, 2024

PARIS (AP) -- One of the most prestigious roles in global fashion has just been filled, as Chanel appointed Franco-Belgian designer Matthieu Blazy as its new artistic director, the fashion house announced Thursday.

The 40-year-old will oversee all collections for the world's second biggest luxury brand starting in 2025, replacing Virginie Viard, who parted ways with the house earlier this year.

Blazy arrives with a reputation for innovation and craftsmanship, honed through stints at Raf Simons, Maison Margiela and Céline under Phoebe Philo. Most recently, he was creative director at Bottega Veneta.

Chanel President Bruno Pavlovsky praised his "audacious" and "powerful" approach, adding that Blazy would "play with the codes and heritage of the House" to take it in "exciting new directions."

"I am thrilled and honored," said Blazy.

Critics have noted that Blazy's relatively young age suggests Chanel may be positioning him for a long tenure, akin to the 36 years Karl Lagerfeld spent at the helm. His appointment marks only the fourth designer in Chanel's over 100-year history to lead the house, following Lagerfeld, Viard, and founder Gabrielle "Coco" Chanel.

Viard, who succeeded Lagerfeld after his death in 2019, left earlier this year after more than three decades with the brand -- an abrupt departure, announced in the middle of the night just weeks before the couture show.

For a house known for meticulous image execution, the announcement felt unusually unpolished. Later, it was revealed that Viard would not oversee her final couture presentation, with her team stepping in to handle the collection.

During her tenure, Viard achieved record sales for Chanel, reaching $19.7 billion last year. But her time was not without controversy. Critics often cited her collections as lacking the theatrical flair of Lagerfeld's era, and backlash to a poorly received mid-season show in Marseille added pressure. Her appointment was initially viewed as temporary.

Critics say that Blazy's arrival signals a new chapter for Chanel, blending heritage with modernity as the house looks to the future.

Chanel's Global Executive Chairman Alain Wertheimer and CEO Leena Nair described Blazy as "one of the most gifted designers of his generation."

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