Demna‘s first runway show for Gucci elicited a “mixed set of reactions, but seems overall more good than bad,” according to Bernstein luxury analyst Luca Solca.

Employing AI to generate a score based on a variety of inputs including industry media, ChatGPT, Google Gemini and its own analysis, Bernstein assigned the fall 2026 collection a 7.6 out of 10.

“Clearly not a home run, but still an improvement,” the report says, putting Gucci and Demna behind higher-scoring debuts for Dior by Jonathan Anderson (9.1), Chanel by Matthieu Blazy (9.0), Loewe by Jack McCollough and Lazaro Hernandez (8.4) and Bottega Veneta by Louise Trotter (8.4), but ahead of Gucci by Sabato de Sarno (6.8) back in September 2023.

“Both media and buyers seem to have been disappointed, but not as much as they were post-Sabato de Sarno’s debut in 2023. In this sense, Gucci is, at the very least, moving in the right direction,” Solca writes in the report.

“Jackets and trousers were seen as OK; shoes and handbags uninteresting; much of the rest vulgar and not sexy – with heavy criticism of leggings and the venue (a recreation of a Roman temple with real travertine) as a useless extravagance,” he continues, while noting that media and buyers “both credit Demna with a vision for Gucci which is more consistent and in sync with Gucci’s identity – albeit playing it safe by tapping the archives.”

In the past, it was nearly unheard of for equity analysts to weigh in on a single fashion show. But they are increasingly paying attention to the design talent pulling together the vision at Europe’s big luxury brands, and not only sales and profit margins. Over the past year or so, dozens of heritage brands have recruited new creative directions.

Monday’s report even dug into comments on Instagram posts about Demna’s Gucci debut, with negative responses seen receiving the most engagement.

Gucci’s revenues peaked at 10.5 billion euros in 2022 and eroded to less than 6 billion euros last year following a failed attempt to reinvent Gucci as a quiet luxury brand, according to Bernstein.

The bank maintains an underperform rating on Kering, Gucci’s parent, while the “commerciality of some Gucci styles” in the fall 2026 show and the capital markets day in Florence mid-April encourages it to “take a more neutral stance” on Kering shares.

“We are doubtful of a steady share price recovery, and expect more yo-yo fluctuations,” Solca writes. “Still, we know the market is keen to believe in it, playing mean reversion and taking even minuscule positive surprises as a sign things may eventually work.”