I don't think he's the critics' darling that he once was, and his name/brand is not considered as desirable as it once was (I remember reading some sort of poll). I think the main critique is that he is increasingly derivative, e.g., "borrowing" from Prada and Commes des Garcon.
For me, he jumped the shark maybe five years ago, when he debuted his Richard Prince-inspired nurse show, for Louis Vuitton. I was also put off by nude photos of himself promoting his men's cologne. Ick. I think his recent shows for Marc Jacobs and Louis Vuitton are costumey and derivative--to me it seems like he missed his calling as a costume designer for Broadway musicals :).
This is just my two cents, of course! Others may love and desire all the MJ merch they can get their hands on :)! To each her own.
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