The Business of Fashion Podcast

In May, sleeping bags lined pavements and police barriers went up outside Swatch stores from Times Square to Dubai. The object of this global hysteria was not a piece of high-end mechanical art, but the "Royal Pop" – a $400 pocket watch collaboration between mass-market giant Swatch and watchmaker Audemars Piguet. Based on AP’s iconic Royal Oak, which typically starts at $20,000, the launch divided the insular watch enthusiast community while captivating Gen Z consumers and equity analysts alike. 

In this episode of The Debrief, senior correspondent Sheena Butler-Young is joined by retail editor Cathaleen Chen and luxury editor Mimosa Spencer to evaluate the highs and lows of the  fallout of the viral launch, the operational chaos across retail and whether a plastic pendant can truly serve as a long-term customer recruitment tool.

Key Insights:

• The Strategy of Alternative Formats: By designing the collection as pocket and pendant watches rather than traditional wristwatches, Audemars Piguet aimed to protect the brand equity of its foundational core product while still opening the brand to a younger, accessory-loving Gen Z demographic.
• An Unequal Value Exchange: While Audemars Piguet is treating the collaboration as an insulated, almost philanthropic “special project,” Swatch Group stands to gain significantly more commercial momentum. Despite some short-term negative sentiment driven by watch purists, the partnership represents a major cultural breakthrough for Swatch as it attempts to reverse recent financial stagnation.
• The Accessibility Offense: The intense backlash from traditional watch collectors exposes a deeper tension within the luxury value proposition. For an industry built on status signaling and rigid gatekeeping, the mass participation of everyday consumers is often viewed by insiders not as democratization, but as a dilution of exclusivity in luxury watchmaking.
• The PR Stunt Demerit: While market traffic and mainstream cultural buzz reached unprecedented stratospheres, the operational execution – which resulted in store closures and aggressive crowds – inflicted real in-person emotional damage. For legacy luxury institutions, headlines detailing retail chaos and police barricades run directly counter to the controlled, pristine environment that high-net-worth clients expect.
• Entering the Cultural Conversation: The collaboration underscores a broader challenge facing the luxury sector: building cultural relevance and household-name recognition among younger consumers who may currently be priced out of $25,000 mechanical timepieces, while planting the seed for future customer loyalty. 

Additional Resources:

• How Swatch and Audemars Piguet Defied Collaboration Fatigue | BoF Professional 
• Pete Nordstrom on the Enduring Power of Retail’s ‘Best Mousetrap’ | The BoF Podcast 
• Can Department Stores Save Themselves? | The Debrief

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For the global luxury industry, the last two years have been defined by a prolonged period of meagre growth, macro-uncertainty, and a slow recovery in the critical Chinese market. But as we move further into 2026, the strategic imperative has shifted. It is no longer enough to simply wait for the cycle to turn; leadership now requires navigating a rapidly-changing environment where geopolitical volatility and technological disruption have become the baseline.

In this episode of The BoF Podcast, Jonathan Wingfield, editor-in-chief of System Magazine joins Imran Amed and Luca Solca, managing director and global head of luxury goods at Bernstein, for their regular seasonal conversation on the state of the industry.  They analyse this new industry paradigm through two distinct lenses: the clinical, data-driven reality of the equity markets, and the visceral, creative pulse of culture. They examining the collapse of the old narrative within luxury, why brand heat has become a lazy currency, and why the real threat of AI isn't the technology itself, but the professionals who master it first.

Key Insights:

• The luxury recovery of early 2026 has been derailed by yet another geopolitical shock. The first months of the year saw cautious improvement, but the Third Gulf War stopped it cold — LVMH reported Q1 revenues down six percent, with the conflict costing a full percentage point of organic growth. As Amed notes, these disruptions used to come once a decade. Now they arrive in rapid succession, making "grand narratives" about industry trajectory almost meaningless.
• AI is quietly transforming fashion's cost base. Brands are using AI to generate ecommerce imagery at a fraction of historical costs, but almost no company will confirm its savings on the record. Gucci faced backlash for AI imagery ahead of Demna's debut; Prada took a different approach, using AI as a creative augmentation tool. Solca broadens the frame, arguing that AI's impact on white-collar work will mirror globalisation's impact on blue-collar labour.
• The attention economy has become dangerous for luxury brands. Both Amed and Solca warn that the industry's addiction to metrics like earned media value conflates noise with commercial traction. The Louis Vuitton ship-shaped pop-up in Shanghai worked because it drove real footfall and purchases; most earned media value is just visibility that never converts.
• The designer resets at Chanel and Dior are generating early positive signals, but Gucci's transformation remains a work in progress. Matthieu Blazy's first Chanel products triggered a genuine retail frenzy, amplified by a shrewd rollout timed to fashion week. Bernstein's traffic data showed Chanel and Dior far ahead of competitors in Chinese mall visits. But Amed left Demna's Gucci debut "feeling more confused," questioning whether the return to overt sexiness is a fashion agenda the industry will follow.
• The independent designer economy is in structural crisis, but alternative models are emerging. The collapse of multibrand retail and the capital required to compete with mega-brands have made launching an independent label harder than ever. Amed's advice is blunt: spend five to seven years inside established houses first.
• Prada's acquisition of Versace represents one of luxury's biggest untapped opportunities — and biggest risks. The market punished Prada's share price, citing a poor M&A track record. But Amed sees an opening: with no dominant "sexy" brand in luxury right now, Versace is "one of the most underleveraged names in the entire industry" — if Pieter Mulier can reinterpret that identity compellingly.

Additional Resources:

• Dispatches From Shanghai: Inside China’s New Luxury Landscape | BoF
• The State of Fashion 2026: When the Rules Change | BoF
• Fewer, Bigger, Better: How Luxury Brands Are Optimising Their Stores | BoF

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The beauty industry is currently contending with marketing saturation, compounded by an overcrowded content ecosystem in which traditional metrics like follower counts and comments are often distorted by bots. To combat this, brands are turning to "rage bait"— content designed to trigger shock, anger or confusion and meant to drive shares and saves, which are now seen as more authentic indicators of engagement. From Lancôme’s "misdirected" PR mailers to ColourPop’s fake apology squares, the strategy bets that a negative or confused reaction is more valuable than no reaction at all in a world where attention is the ultimate currency.

In this episode, BoF’s Sheena Butler-Young talks to Business of Beauty Executive Editor Priya Rao, and Senior Editorial Associate Rachael Griffiths about whether these high-risk stunts build genuine brand equity or simply erode long-term consumer trust.

Key Insights:

• The Engagement-Sales Gap: While rage bait excels at awareness and can grab people’s attention, there is no direct, proven line to immediate sales. Success is currently measured through the "halo effect" on other posts and metrics like shares and saves rather than conversion.

• The "Boy Who Cried Wolf" Risk: Brands face a significant limitation in that this strategy is often a one-time lever. If a brand issues a fake apology for marketing, it risks losing all credibility when a genuine corporate blunder occurs.

• Suitability by Segment: Chaotic creator" style may work best for indie or playful brands like ColourPop and Dieux. Heritage or luxury brands — particularly those focused on medical-grade efficacy or high price points — risk alienating customers who expect a serious relationship with the brand.

• The Confusion Trap: Stunts that cross the line from cheeky to genuine misinformation, such as Schick’s ambiguous partnership with Nick Jonas, can leave consumers feeling annoyed and disappointed rather than entertained.

Additional Resources:

• Why Are So Many Beauty Brands Faking Scandals? | BoF
• Playbook | Beauty Retail in the Age of Connected Commerce | BoF
• How to ‘Un-Cancel’ a Beauty Product | BoF

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Earlier today, BoF published an exclusive in-depth interview with Saks Global CEO Geoffroy Van Raemdonck, examining the company’s strategy as it expects to emerge from Chapter 11 bankruptcy next month. 

For over a century, Saks Fifth Avenue represented a manifestation of American aspiration—a luxury icon whose flagship on New York’s Fifth Avenue served as a vital crossroads for the global fashion industry. But even the most storied institutions are not infallible. On January 13th, the newly formed Saks Global — parent company of Saks, Neiman Marcus, and Bergdorf Goodman — filed for court-supervised restructuring.

Saks Global’s crisis was largely self-inflicted. The acquisition of Neiman Marcus, coupled with slow payments to vendors resulted in a deepening inventory crisis. As debt obligations mounted and cash reserves dwindled, Saks fell further behind on vendor payments, prompting suppliers to freeze shipments. Without new merchandise to sell, revenue plummeted, trapping the retailer in a terminal liquidity crunch. It was caught up in a downward spiral that left its industry reputation in tatters.

Now, just four months into Chapter 11, the company’s new CEO Geoffroy van Raemdonck is leading a turnaround effort to salvage its reputation and restore trust with its customers and the wider industry.

In this special episode of The BoF Podcast, BoF’s retail editor Cathaleen Chen and Imran Amed sit down with van Raemdonck to unpack his plans for a big turnaround.

Key Insights: 

• The Four-Month Sprint: Since filing for a court-supervised restructuring on January 13th, the company has prioritised velocity to get products back on its shelves. Van Raemdonck notes that speed was essential to stabilising the business: "We moved fast because we focused on liquidity and trust ... we secured $1.7 billion in new liquidity and implemented a critical vendor programme to ensure our brand partners were paid."
• Ending the Real Estate "Straddle": The restructuring allowed the business to separate its high-performing retail operations from non-core ventures, such as in real estate. “We were paying $55 million of rent every year for Lord and Taylor stores that were closed and had no hope to reopen because that business was liquidated. So you carry costs that really have no impact and value to the customer,” van Raemdonck says, effectively ending the “straddle” of a retail business combined with a real estate business.
• The Case for Three Banners: Van Reaemdonck says Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman will remain distinct, as data suggests they serve unique customer profiles. “In markets like Beverly Hills, the overlap between our banners is only 11 to 15 percent,” he notes. 
• US Market Resilience: While the global luxury market faces headwinds, internal metrics show that the top-tier American consumer remains a reliable growth engine. van Raemdonck says: "The US market is strong and resilient. I think the the high-end luxury customers are very much influenced by their wealth and the stock market much more than by the GDP and the employment level. 76 percent of our customers tell us they feel optimistic about their personal finances."

Additional Resources: 

• Unpacking Saks Global’s Post-Bankruptcy Plan | BoF
• Bondholders Approve Saks Global’s Five-Year Business Plan | BoF
• Saks Global Files for Bankruptcy After Monthslong Hunt for Cash | BoF

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In fashion, the word "legend" is often used as a convenient shorthand for longevity. But Joan Burstein — affectionately known in the fashion world as Mrs. B — was a legend in the truest sense of the word. When she opened Browns on South Molton Street in 1970, she didn't just open a boutique; she established a portal for the radical avant-garde fashion designers that would fundamentally shift our  industry’s tectonic plates.

Mrs. B also possessed a legendary eye for talent. She was the one who plucked John Galliano’s graduate collection out of obscurity, provided the first British home for Rei Kawakubo’s Comme Des Garçons and Giorgio Armani, while  also giving American designers  like Ralph Lauren and Donna Karan an entry portal to the European market. 

Following the recent passing of Joan Burstein at the age of 100, we find ourselves at a moment of profound reflection for the industry and Mrs. B’s immense legacy. 

Joining Imran Amed this week to reflect on this special history is Mandi Lennard, who worked closely with Mrs. B as a buyer during the 1980s and 90s, London fashion’s most fertile era. As the founder of her own creative consultancy — Mandi’s Basement — Mandi  has spent decades at the heart of London’s fashion scene, applying the sharp, instinctive eye she honed under Mrs. B’s mentorship. 

But first, we asked some of the people who witnessed Joan Burstein’s magic firsthand to share their favourite memories with us.

Key Insights: 

• The Instinctive Edit: Mrs. B prioritised staying power over viral trends, operating on a philosophy of patient observation. Her strategy involved "watching" a designer for several seasons to ensure their signature was robust enough to survive the commercial pressures of the global value chain. As Lennard notes, Mrs. B was looking for longevity: "She’d watch someone for three seasons, to see if they’ve got staying power ... She wasn’t looking for what was ‘in.’ She was looking for what was ‘next.’"

• The Boutique as a Cultural Bridge: Browns acted as a critical laboratory where American commercialism met European avant garde. By placing Ralph Lauren alongside Comme des Garçons, Mrs. B forced a cross-cultural dialogue that redefined modern luxury retail. "She brought the Americans to Europe. Ralph Lauren, Calvin Klein, Donna Karan ... But then you’d have the radical disruptors like Rei Kawakubo and Comme des Garçons.” reflects Lennard. “It was a portal. She brought the world to London."

• Counter-Cyclical Loyalty: Mrs. B was known to place  orders for designers having a "difficult" season. She viewed the retailer-designer relationship as a long-term investment in talent rather than a quarterly metric. "If a designer had a bad season, she wouldn’t drop them. She’d actually buy more.” Lennard recalls. “She’d say, ‘They need us now more than ever.’ It was about the relationship, not just the sell-through." 

• Radical Hospitality: The Browns experience was defined by a service model where staff acted as curators, guiding customers through a challenging and highly aspirational environment. This high-touch approach created a unique retail atmosphere that felt like a sanctuary for the fashion-obsessed. "It was very old school in the sense of the service,” explains Lennard. “You were treated with as much respect if you were buying a pair of Katherine Hamnett jeans as if you were buying the whole shop. It was about making people feel part of that world.”

Additional Resources: 

• Joan Burstein, Retail Pioneer, Dies at 100 | BoF 
• Joan Burstein, Queen B | BoF

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Since the earliest days of tools like ChatGPT and Claude, industry conversations have been marked by a tension between excitement around speed and efficiency alongside deep-seated fears of job loss, creative dilution and concerns about its environmental footprint. What once played out in theory is now unfolding in practice – as a broader rejection of what AI represents — particularly as more consumers view AI-generated content as a cost-cutting measure that erodes fashion’s human touch,

In this episode, The Debrief host Sheena Butler-Young discusses with BoF correspondents Marc Bain and Haley Crawford why the backlash is intensifying and how consumer sentiment against brands using AI-generated imagery is forcing a reckoning. They explore whether fashion can actually embrace these tools without losing the care and time that confers luxury status.

Key Insights:

• Consumers are moving past passive skepticism around AI and increasingly displaying a more visceral negative reaction to AI visuals.
• In an industry built on originality and attribution, AI is often perceived as shortcutting the creative process — or worse, borrowing from artists without credit. For many, it raises uncomfortable questions about what constitutes real creative ownership.
• At the same time, there is growing concern that AI could erode both the craft and the pipeline behind fashion creativity, threatening entry-level roles and the time, care and human touch that underpin luxury’s value.

Additional Resources:

• Why People Hate AI
• The Fashion Marketer’s Guide to AI
• Why Revolve Can’t Stop Talking About AI

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For four decades, Dries Van Noten defined a singular path in global fashion with a universe rooted in intellectual rigour, exquisite craftsmanship and independence. When he stepped back  from his eponymous brand last year, it wasn't a retreat into a quiet retirement. Instead, Van Noten has embarked on a profound transition—moving from the relentless, dictated rhythm of fashion to a new life as a custodian of culture in Venice.

Van Noten has established a new foundation at the Palazzo Pisani Moretta, a space dedicated to the beauty of craftsmanship and the belief that in a world marked by global uncertainty, the act of making something beautiful is the ultimate form of protest. 

“I think everybody knows that it’s ugly times,” says Van Noten. “When we say ‘protest,’ you protest against something—so I think it’s quite clear when we say ‘the only true protest is beauty’ that people know what we mean.”

In this special episode of The BoF Podcast, our editor-at-large Tim Blanks speaks to Dries Van Noten about this remarkable transition to becoming a custodian of beauty.

Key Insights:

• The Post-Runway Pivot: Reclaiming the Creative Rhythm: Van Noten discusses the liberation of moving away from the "dictated rhythm" of the global fashion calendar. “We didn't retire to have an easy life and just relax," Van Noten states. “Fashion dictates the rhythm. Here, nobody dictates us with what I'm doing now. It’s a different life, a different rhythm, but still busy.” For Van Noten, this transition is not a withdrawal, but a strategic refocusing on projects that prioritise human intuition over commercial pressure.
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• The Palazzo as a Living Lab: Custodianship of History: His Venice headquarters, the 15th-century Palazzo Pisani Moretta, serves as a living laboratory where the focus shifts from product to process. Van Noten views his role not as an owner, but as a temporary guardian of the space's cultural and physical history. “I really feel that we are custodians now of something which is so special... It’s a palazzo built to impress, but there is also a very strong human factor in it.” he notes.
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• Beauty as Engagement: The Radical Act of Aesthetics: In a world marked by macro-uncertainty and conflict, Van Noten posits that creating beauty is a provocative, active form of protest rather than a passive escape. He argues that aesthetics can be a healing, grounding force in an increasingly "ugly" global landscape. “In such ugly times, the only true protest is beauty,” says Van Noten. “For me, it's impossible just to sit there and to complain… I always look to the future, and I think [for] the future you have to protest, you have to have hope. Protest for me also gives hope.”
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•  Rejecting fashion hierarchies: A core pillar of the new foundation is the rejection of traditional fashion hierarchies. Dries places the work of avant-garde masters like Rei Kawakubo on the same plane as local artisans and emerging designers from conflict zones, centering the "soul" of the object over its brand equity. ‘I meet such different people... Last week I was still standing here with a person in Venice who makes books, a bookbinder... I think he's 87. I had tears in my eyes. He was so happy and so proud to show me the book covers that he made.’ Van Noten expresses 

Additional Resources: 

• The BoF 500: Dries Van Noten | BoF
• Dries Van Noten and Julian Klausner: How to Make a Designer Transition Work |BoF

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For years, the fashion industry operated under the assumption that digital scale was the right path. However, the "growth-at-all-costs" model is currently fracturing as luxury giants grapple with soaring customer acquisition costs and a logistical crisis fueled by high return rates. In response, a quiet counter-culture is emerging, with stores like Ven. Space and Dot Reeder thriving by intentionally limiting their digital footprints. 

In this episode, executive editor Brian Baskin and senior correspondent Sheena Butler-Young discuss with BoF correspondent Austin Kim how these analogue retailers are using hyper-local intimacy and intelligent curation to build a more resilient business model that values brand equity over infinite reach.

Key Insights:

• The Rejection of Digital Friction: Store owners like Chris Green of Ven. Space are intentionally limiting their digital footprints to avoid the "grind" of high customer acquisition costs. Austin Kim notes that for these owners, "these small businesses are people doing what they love and what they don't love is e-commerce and they have no interest in it".

• The "Sit and Fit" Financial Advantage: Analyst Simeon Siegel posits that the in-store customer is the superior economic unit because they absorb the costs of fulfillment. As Kim explains, "In the store, the customer takes the pair of jeans off the rack, walks it over to the cash register, and then takes it home to themselves," whereas online, a brand must pay for picking, packaging, and the high probability of returns.

• Product Curation as a Moat: Success for these boutiques relies on a "mythic" assortment of brands that creates a level of trust an algorithm cannot replicate. Kim highlights that the draw is the owner's perspective: "Chris Green is almost like a Mr. Rogers if he wore Dries van Noten ... that perspective is exactly what I think customers connect with".

• Analogue Marketing and the "Third Space": To cut through digital exhaustion, retailers like Outline are pivoting to high-quality print catalogs. Co-founder Margaret Austin describes e-commerce as "unsexy," preferring a strategy where receiving something at your door acts as "an amazing strategy" to cut through the noise of social media.

• The Scalability Paradox: The "secret sauce" of these stores is often the owner-operator’s deep local roots, which is difficult for corporate entities to mimic. Kim warns that "you lose the soul of a business really quickly as you scale, especially on e-commerce," because you begin buying for an international audience rather than maintaining a specific, connected perspective. 

Additional Resources:

• Meet the Retailers Succeeding by Ignoring the Internet | BoF
• The State of Fashion 2026: When the Rules Change | BoF
• The BoF Podcast | Pete Nordstrom on the Enduring Power of Retail’s ‘Best Mousetrap’

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For the global luxury industry, Salone del Mobile in Milan has become a moment where brands look beyond the runway to expand into the broader "lifestyle" economy. At the centre of this intersection is Dimore Studio, co-founded by Britt Moran and Emiliano Salci — a studio that has defined the aesthetic language for luxury hospitality, retail and private residential projects worldwide.

Moran is originally from a small town in North Carolina. He moved to Italy over 30 years ago, initially intending to take a gap year before applying to medical school. He never went back. Together with Salci — his former romantic partner and now business partner of over 25 years — he has built Dimore into a multi-faceted brand spanning interior design, two furniture collections, a textile line, and a newly opened gallery in a former bank in central Milan.

As luxury conglomerates increasingly pursue the "home" and hospitality categories to drive long-term growth, Moran offers an insider's perspective on why credibility in this space can't be bought — it has to be built.

“I think you just have to completely trust your instinct, nurture the passion, do it only for the passion not thinking that you're going to become incredibly wealthy doing it,” says Moran.“Emiliano always tells me, we're not doing this for the money. We're only doing it because it's something that we love.”This week on The BoF Podcast, Britt Moran joins Imran Amed in Milan to discuss the business of building an "atmosphere," his unlikely path from the American South to the centre of Italian design, and why fashion's rush into the home category requires more than just marketing.

Key Insights: 

• Atmosphere is the product, not furniture. Moran frames Dimore's core offering not as chairs or tables but as the complete sensory experience of a space — scent, music, lighting, feeling. This is what clients are paying for and what sets Dimore apart from conventional design studios. As he puts it, the studio began with the idea of "setting up atmospheres," and the furniture collections emerged later, almost as by-products of the environments they were creating for clients.

• Italy's manufacturing ecosystem remains a competitive advantage. Moran highlights the strategic importance of proximity to Brianza, the furniture manufacturing district outside Milan where major producers like Cassina and Poltrona Frau work alongside independent artisans. Having done projects in the US, France and the Middle East, Moran is categorical that the quality-to-price ratio in Italy has no equivalent elsewhere — a claim with real implications for any brand considering where to source its home and lifestyle products.

• Most fashion brands are getting the design crossover wrong. While fashion houses are flooding Salone del Mobile with installations and activations, Moran draws a sharp line between those using Design Week as a marketing platform and those — like Loro Piana — that are leveraging genuine material expertise to create credible home products. The distinction matters: consumers and the design community can tell the difference between a brand that understands three-dimensional design and one that's dressing up a booth.

• The Dimore partnership works because of creative tension. Moran describes himself as "much more classic, much more conventional, maybe much more traditional" while Salci is "very forward thinking" with an "urban edge." This creative polarity — not shared taste — is what gives Dimore its distinctive aesthetic. The fact that they began as romantic partners and successfully transitioned into a purely business relationship adds an unusual dimension to a studio that has now endured for over two decades.

Additional Resources:

• Britt Moran | BoF 500 Profile
• Why Salone Del Mobile is Irresistible for Luxury Brands | BoF

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Luxury entered 2026 with hopes that new creative directors and signs of stabilisation would finally help the sector turn a corner. Instead, the latest round of earnings has raised bigger questions about what growth now looks like for the industry. While brands including Dior, Gucci and Chanel are generating renewed interest, that excitement has not yet translated into a meaningful sales rebound. 

From the slowing Chinese market to geopolitical tensions in the Middle East, luxury conglomerates are facing a complex web of challenges that creative hype alone cannot solve.

On the episode, BoF luxury editors Mimosa Spencer and Robert Williams explain why China remains such a critical missing piece, why Louis Vuitton is under closer scrutiny than usual, and why jewellery continues to outperform the rest of luxury.

Key Insights:

• One of the clearest messages from this earnings season is that new designers can lift mood and momentum internally, but that alone is not enough to restart the industry. Williams says the latest results confirmed that the impact of all these creative resets is “pretty limited, especially in isolation”. As he puts it, “the result of that is more like treading water or stabilising versus actually reigniting growth.” Spencer adds that the disappointment was sharper because there had been so much excitement around these debuts that “a lot of investors were expecting some earlier results.”

• Both Spencer and Williams point to China as the market hanging over the entire sector. Even where sentiment improved at the end of last year, investors were still looking for signs that Chinese demand might return in a meaningful way. Spencer says the bigger issue now is not just timing but structure: “The question is whether the kind of growth we saw in the past will actually come back.” She adds: “It seems like it takes a lot more work for a luxury brand to actually get good results in China.”

• LVMH still wants the market to see Dior as the manageable turnaround story, but Williams suggests the real anxiety now sits around Louis Vuitton. The brand has held up better than many peers, but investors are increasingly asking where its next phase of growth will come from. Williams points out that the bigger concern is not short-term performance, but what comes next. “No one can really see where the growth is going to come from,” he says. “Is this still a growth industry? What will the industry look like and how will it operate if it's not growing anymore?” If the industry’s strongest player cannot clearly define its next phase of growth, it raises deeper questions about the trajectory of luxury as a whole.

• Despite the broader slowdown across luxury, Spencer argues that jewellery’s outperformance is not just about demand for hard luxury, but about how consumers now judge value. Handbag prices have climbed so sharply that jewellery, by comparison, can feel like a more rational indulgence. “Jewellery prices haven’t gone up in the same way that handbag prices have gone up,” she says. At the same time, jewellery still carries a perception of durability and investment value, whether or not that always holds in practice.

• Luxury brands may be making more progress with their established high-spending clients than with the broader aspirational base they once relied on for volume. Williams notes that some houses are succeeding in pulling core customers back into stores, even if that is not yet translating into a wider recovery. At Chanel, for example, he points to renewed momentum among “well-to-do women with big executive jobs in their late 30s, 40s, and 50s,” while Louis Vuitton’s monogram anniversary campaign has helped refocus attention on its most iconic products.

Additional Resources:

• The Luxury Rebound Gets a Reality Check | BoF 
• Kering’s Strategy Reveal, Examined | BoF 

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