Second climb, Second fall (1992–1996)

In 1993, the band released a second self-titled album: this Duran Duran album is known as The Wedding Album (for Nick Egan's cover art featuring the wedding photos of the bands' parents) to distinguish it from the 1981 release. Listener demand for leaked single Ordinary World forced it onto radio playlists months earlier than planned; it reached Number 3 on the U.S. chart and Number 6 in the UK and won a prestigious Ivor Novello Award award for song writing. Come Undone, a slinky number primarily written by Cuccurullo, made Number 7 in the U.S. and Number 13 in the UK. Both the band and the record label seemed to be caught by surprise by the album's critical and commercial success (#4 in the UK, #7 in the U.S.). Bassist John Taylor had been considering leaving the band, but changed his mind. The band's largest tour ever, which included stops in the Middle East, the recently de-embargoed South Africa, and South America, was halted after seven months when Le Bon suffered from strained vocal cords. After six weeks recuperation, the band performed intermittently for another five months, including appearances in Israel, Thailand, and Indonesia.

The band's upswing in momentum, however, was once again swiftly curtailed by the poor showing of the covers album Thank You. The album reportedly originated as a lighthearted tribute to the band's influences, in the vein of Bowie's Pin Ups. Some of the tracks were recorded in borrowed and makeshift studios in hotel rooms (with the aid of programmer Mark Tinley) while the band was on tour. The plan was to have an album ready to release soon after the tour was finished, with another studio album to follow quickly afterwards. Original drummer Roger Taylor even returned from retirement to contribute on a few songs. However, conflicts within the band and with Capitol/EMI caused repeated delays; mix after mix was ordered and rejected, and by the time it finally came out in 1995, the band had lost enthusiasm for the project.

Singles from Thank You included covers of Lou Reed's Perfect Day and Grandmaster Flash & the Furious Five's White Lines (with backing vocals from the original artists). In a video interview provided with the album's electronic press kit, Reed said he considered Duran Duran's version the best cover ever done of one of his songs. Still, the critics lambasted the band's attempts at 911 is a Joke, Lay Lady Lay, Ball of Confusion and The Crystal Ship, and the band only completed a 1995 summer tour of radio station festivals under duress.

After that tour's completion, John Taylor co-founded the B5 Records label and recorded a solo album, founded and toured with the supergroup Neurotic Outsiders, and reunited the Power Station, though the project proceeded without him when he had to withdraw to deal with his divorce from De Cadenet. Finally, after struggling for months to record the next album, Medazzaland, in January 1997 Taylor announced at a Duran Duran fan convention that he was leaving the band for good. His departure reduced the band to two original members (Le Bon and Rhodes) and Cuccurullo, who decided to continue recording under the name Duran Duran.