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Chanel show wrestles with designer void as actor Lupita Nyong'o talks diversity in fashion

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Chanel show wrestles with designer void as actor Lupita Nyong'o talks diversity in fashion
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Chanel show wrestles with designer void as actor Lupita Nyong'o talks diversity in fashion

2024-10-02 04:57 Last Updated At:05:00

PARIS (AP) — A giant empty cage greeted Chanel’s guests at its return to the Grand Palais on Tuesday. Though perhaps not intentionally symbolic, the décor seemed to capture the current state of the house itself: a majestic structure empty of creative direction. With Virginie Viard’s recent departure, Chanel finds itself at a crossroads, as the fashion world eagerly awaits the appointment of a new creative leader.

Meanwhile, in a powerful step toward embracing diversity, Chanel announced Lupita Nyong’o as its newest ambassador. The appointment of the Oscar-winning actor, who is Kenyan Mexican, comes at a pivotal moment for the French fashion house that had faced criticism in the past for its lack of inclusivity. This move follows the widely-lauded appointment of British-Indian Leena Nair as Chanel’s global chief executive in 2022, making her the only woman of color at the helm of a major luxury brand.

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Maria Sharapova attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Maria Sharapova attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Naomi Campbell attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Naomi Campbell attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lupita Nyong'o attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lupita Nyong'o attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Margaret Qualley attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Margaret Qualley attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nathalie Emmanuel attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nathalie Emmanuel attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Jennie attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Jennie attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nathalie Emmanuel attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nathalie Emmanuel attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lennon Gallagher attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lennon Gallagher attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lupita Nyong'o attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lupita Nyong'o attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Angele attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Angele attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Angele, left, and Jennie attend the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Angele, left, and Jennie attend the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Stella Maxwell wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Stella Maxwell wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nora Attal wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nora Attal wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Here are some highlights of spring-summer ready-to-wear shows:

The spring collection delivered many familiar elements from Chanel’s vast repertoire — chiffon capes, slit skirts, embroidered transparent shirt dresses, trench coats adorned with multicolored feather prints, aviator jackets with Peter Pan collars, total pink or blue tweed looks, and the iconic little black dress that Chanel herself introduced to the world. Tweed, jersey, faille, transparent embroidery, sequins, fringe, pastel knits, and sparkling platform shoes all made an appearance, forming a showcase of the house’s signatures.

Yet despite the breadth and richness of the offering, something was amiss. There was little cohesion, and at times, the collection lacked the unmistakable soul that once characterized Chanel’s shows. A series of foulard-printed gowns seemed out of place — as if borrowed clumsily from another narrative altogether.

With a snip of scissors, Gabrielle “Coco” Chanel freed women from their corsets. Today, Chanel itself needs liberation. The applause at the end of the show, which featured designs that often felt uninspired, was distinctly muted, with critics visibly shifting in their seats.

Star appearances by Elvis Presley’s granddaughter Riley Keough, who capped the show with a funky vocal performance of a Prince hit from inside the gilded cage, as well the starry presence of Nyong’o, Aaron Taylor-Johnson, Vanessa Paradis, Margaret Qualley and Naomi Campbell, seemed like an effort to divert attention from the elephant — or the empty cage — in the room.

Chanel is unquestionably a fashion juggernaut, and it will weather this moment of transition. However, there is no overstating the importance of the decision the house now faces. Chanel must find a designer who can reshape and redefine its vision for the future. The industry is rife with speculation. Potential successors include Daniel Roseberry, known for his dramatic work at Schiaparelli, Marc Jacobs, a seasoned classicist with Paris experience, and Nadège Vanhée, the skilled designer from Hermès.

Viard, ousted this summer, succeeded Karl Lagerfeld upon his death in 2019 and was his closest collaborator for decades. She had overseen record sales for Chanel, reaching a reported $19.7 billion last year. Ready-to-wear sales reportedly increased 23% during her tenure. Viard was only the third creative director in Chanel’s over 100-year history, following Lagerfeld and legendary founder Chanel herself.

Nyong’o shared her excitement and the deep sense of responsibility accompanying the new role. “It’s a great honor,” she said. “Chanel is a legacy brand with a long history. And to be the newest face of it feels monumental. I feel very, very proud and excited to take this new journey with a brand that I think is dynamic and always feminine and regal.”

Nyong’o’s appointment comes as a breath of fresh air in an industry criticized for lack of diversity and reluctance to change. The number of Black designers leading heritage houses remains alarmingly low — currently only Balmain’s Olivier Rousteing and Louis Vuitton men’s designer Pharrell Williams hold such positions in Parisian legacy brands.

For Nyong’o, joining Chanel is about more than wearing beautiful clothes — it’s about contributing to a narrative shift in fashion. “The message that I bring naturally and deliberately to the role is that things have changed. And we don’t want them to go back to what they once were,” she said.

Nyong’o drew inspiration from watching a recent documentary about Bethann Hardison, the iconic model and activist who was at the forefront of pushing for diversity in fashion during the 1960s and 1970s. Hardison, who rose to prominence after her appearance at the historic 1973 Battle of Versailles — a groundbreaking fashion show that brought American designers into the spotlight — became one of the first high-profile Black models and an outspoken advocate for change.

“In that documentary, I was really alarmed to see how much work had been done to diversify the fashion industry, but then how much it reverted to monoculture in the following years,” Nyong’o said.

Hardison’s tireless efforts led to significant gains for Black models in the past, but the subsequent regression underscored how fragile those victories could be. Her fight for inclusivity in fashion serves as both a cautionary tale and a source of inspiration for Nyong’o, who now finds herself continuing Hardison’s legacy.

“It took a step back, so for me that was testament to the fact that it takes consciousness. It’s a conscious effort that has to be made on a daily basis and in present time. You don’t fix it once and then hope it stays that way,” Nyong’o added. She sees Chanel’s decision to name her as an ambassador as part of a broader, deliberate declaration: “I feel like these movements that Chanel is making are part of declaring a desire to represent a more realistic world. And I’m proud to be one of those faces that is sending that message.”

The importance of visibility in reshaping perceptions cannot be understated.

“When I was growing up, I didn’t see myself in ads for brands like this. It resulted in me going through quite the identity crisis and feeling undervalued by the world,” Nyong’o said candidly. She recounted those early days — staring at glossy magazine pages, searching for a face that mirrored her own, only to find none.

Now, she imagines a little girl somewhere, watching her in a Chanel campaign, seeing someone who looks like her — someone who is elegant, celebrated, and valued.

“I would hope that there is a message for little girls,” she continued. “My work as an actor and as an author, as a podcast maker, and now as a brand ambassador, is to change that by just occupying the space.” It is a powerful reminder of the transformative impact of representation; when someone finally occupies a space that was once empty, it changes the way people see themselves and the world around them.

The luxury sector has frequently been accused of tokenism and superficial diversity efforts — making short-term gestures without genuine long-term change. Nyong’o is determined to make her role count, embodying the idea that representation must come with influence and purpose.

French fashion once again showcased its formidable strength at Nicolas Ghesquière’s spring collection for Louis Vuitton, blending savoir-faire with cultural resonance. “French fashion is a formidable soft power, radiating a tradition of savoir-faire, an art de vivre – a cultural singularity,” the house said, and the designer delivered a spectacle that seemed like yet another a grand culmination of the house's journey across time, space, and style.

A sheeny striped coat with a curved silhouette opened the show, its adornments and accessories teeming with a kind of futuristic couture—a theme Ghesquière has mastered over his tenure. The coat set the stage for a collection that often intentionally deceived and dazzled the eye, echoing Ghesquière’s penchant for “colliding references” and reimagining the old as new. Giant petal-like fabrics encircled the necks of models, conjuring both South American flair and a nod to punk—the very hybrid aesthetic that makes Ghesquière’s work so unmistakable.

The show leaned into religious undertones, featuring a priest-like robe with fluid proportions, accessorized with an almost comically oversized black chain adorned with a sort of crucifix.

Yet, despite the individual flair of many pieces, the sheer divergence of styles sometimes felt overwhelming. One particular black-and-white floral split dress seemed to confuse the eye, its busy patterns making it difficult for spectators to discern where the dress ended and the underdress began. This tendency to merge multiple aesthetic elements occasionally crossed into visual overload.

If anyone can redefine fashion by dipping into the nursery wardrobe, it’s Miuccia Prada. This season, Miu Miu, Prada’s irreverent and intellectual baby sister, examined early youth — and with it, the liberating simplicity and honesty it brings to thinking and dressing.

The brand is notorious for blurring the lines between sophistication and play, and it’s no surprise that a baby’s cotton chemisette took center stage and transformed, under Prada’s artful manipulation, into something altogether more complex.

Opening with a crisp white cotton dress, this deceptively intricate collection borrowed directly from childhood is the fruit of a collaboration with Petit Bateau. Chemisette dresses, sweaters, and twisted shirts became subversive statements — folded, wrapped, and twisted in all the wrong ways to create something utterly fresh. The result? A glamour that Prada herself called “dishonest” — a term almost mischievously fitting for Miu Miu’s rebellious ethos. It’s the spirit of a girl who refuses to conform, wearing her tights over her dress, her sweaters in unconventional ways, just because she can.

The sense of playful contrast—an innocent wardrobe rendered provocative—captured one of Miu Miu’s long-standing narratives: youth is a state of being under construction, where rules are fluid, and experimentation is freedom. It’s a continuation of Prada’s love for subversion and polarity, whether it’s mixing raw imperfection with poise or twisting utilitarian comfort into a silhouette that exudes audacity.

Prada called in a remarkable cast, including Alexa Chung, Willem Dafoe, Cara Delevingne, and Hilary Swank — household names from every corner of the artistic universe, as comfortable in front of the camera as they were here, treading the Miu Miu boards.

Where Miuccia Prada excels is her ability to inject humor — a knowing wink — into serious fashion. And just as Prada herself once said, sometimes we must choose whether to be a child or a lady near death. This collection chose the former.

This article was corrected to show that Erykah Badu did not attend the Chanel fashion show.

Maria Sharapova attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Maria Sharapova attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Naomi Campbell attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Naomi Campbell attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lupita Nyong'o attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lupita Nyong'o attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Margaret Qualley attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Margaret Qualley attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nathalie Emmanuel attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nathalie Emmanuel attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Jennie attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Jennie attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nathalie Emmanuel attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nathalie Emmanuel attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lennon Gallagher attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lennon Gallagher attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lupita Nyong'o attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Lupita Nyong'o attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Angele attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Angele attends the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Angele, left, and Jennie attend the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Angele, left, and Jennie attend the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Stella Maxwell wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Stella Maxwell wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

A model wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Models wear creations as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nora Attal wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

Nora Attal wears a creation as part of the Chanel Spring/Summer 2025 collection presented Tuesday, Oct. 1, 2024, in Paris. (Photo by Vianney Le Caer/Invision/AP)

NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.

Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.

“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.

Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.

About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.

Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.

The Republican administration has proved particularly friendly until now to the credit card industry.

Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.

In a joint statement, the banking industry was opposed to Trump's proposal.

“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.

Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.

The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.

Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.

"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.

There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.

The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.

Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."

Legislation in both the House and the Senate would do what Trump is seeking.

Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.

Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.

Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.

Seung Min Kim reported from West Palm Beach, Fla.

President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)

FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)

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