What a Merry-Go-Round is the eighteenth collection by British fashion designer Alexander McQueen, made for the Autumn/Winter 2001 season of his eponymous fashion house. The collection drew on imagery of clowns and carnivals, inspired by McQueen's feelings about childhood and his experiences in the fashion industry. The palette was largely dark, complemented with neutrals and muted greens. Like his previous show Voss (Spring/Summer 2001), Merry-Go-Round served as a critique of the fashion industry, which McQueen was often ambivalent about. It contained elements that several authors have taken as references to French luxury goods conglomerate LVMH and its management, with whom McQueen had a turbulent relationship.
The collection's runway show was staged on 21 February 2001 at the Gatliff Road Warehouse in London, as part of London Fashion Week. It was his final show in London; all his future collections were presented in Paris. The show was staged in a dark room with a carousel at the centre. During the finale, the lights came up to reveal piles of discarded childhood bric-à-brac at the rear of the stage, while models dressed as evil clowns cavorted around the stage, posing in their eveningwear.
Critical response was positive. Ensembles from Merry-Go-Round have appeared in exhibitions such as the McQueen retrospective Alexander McQueen: Savage Beauty.