Pre-pandemic, the fashion and luxury industry was worth over $3 trillion. Following a significant overall contraction in 2019–21, 2022 witnessed an industry-wide resurgence, which is now threatened by current and looming geopolitical and economic crises. In that context, this article identifies key trends that are likely to define the industry’s future. Foremost amongst them is the increased importance of sustainability, which will also manifest in further emphasis on season-fluid fashion, local markets and production, quality craftsmanship and buying better. Other key trends include an increased focus on experiences, less influencer-driven consumption, and the rise of AI across the industry.