Every decade, luxury declares itself “at a turning point,” pours another magnum of optimism, and quietly raises prices. But this time, something genuinely structural is happening. From creative-director musical chairs to bankrupt department stores and gold‑priced gold, the industry is being forced to answer a very awkward question: what exactly are we selling for all this money?
Below are 30 of the most important current stories across fashion, hard luxury, hospitality, beauty and autos – told from the balcony, not the front row.
photo: @Boucheron Haute Jewelry
1. The great luxury reset: growth yes, euphoria no
After a bruising 2024–25, the sector is stabilising rather than soaring. Analysts see global luxury growth roughly back at its historic mid‑single‑digit pace into 2026, helped by a gradual pick‑up in the US and Greater China, but with far pickier consumers and far less easy money in the system. Executives talk about “discipline” now, which in luxury usually means “no more mistakes the market can actually see.”
2. Creative director roulette at the mega‑houses
Nine of the world’s 15 biggest luxury brands switched creative directors in the 12 months to late 2025 – Chanel, Dior, Balenciaga, Loewe and others all kicked off new eras on the Spring/Summer 2026 runways.
The industry calls it “creative renewal.” He calls it speed‑dating with billion‑euro logos. The real story now is whether those buzzy debut collections can be translated into products that sell at scale without sanding off the creativity that got everyone excited in the first place.
3. Dior’s reinvention test
Jonathan Anderson’s Dior has quickly become the critic’s choice, topping social-media share of voice at Paris Spring/Summer 2026 with its sculptural silhouettes and clever remix of archives.
The house has already accelerated go‑to‑market to capture the buzz – but the first key signal is subtler: a new Lady Dior priced just below the once‑sacrosanct €10,000 psychological line. Dior, famous for some of the fiercest price hikes of the past decade, is suddenly flirting with restraint. When Dior blinks on price, everyone else takes notes.
4. Chanel’s “solar system” era and the battle for heritage
Chanel’s new regime is leaning hard into symbolism – quite literally, with solar‑system motifs framed as the start of a “new era” for the house.
The question: how many “new eras” can a heritage brand have before it starts to feel like a streaming series on its fifth reboot? For now, clients still seem willing to pay for the fantasy, provided the jackets are cut right and the buttons look expensive on Zoom.
5. Kering’s jewellery gambit and the war for hard luxury
Hard luxury – watches and jewellery – has outperformed soft categories and is becoming the industry’s favourite safety blanket.
Kering is leaning in with initiatives like the Kering Generation Award X Jewelry and continued investment in high‑jewellery maisons. Meanwhile Richemont and LVMH quietly enjoy the fact that jewellery margins are fat, timeless and, crucially, harder to copy on Temu.
6. China: recovery, but not the boom everyone keeps manifesting
China is off life support, but no one’s calling it a party yet. Hermès and LVMH have signalled a return to growth in the region, and Beijing’s 11‑point plan to stoke consumption is in place, but consumer confidence remains fragile.
Brands are learning the hard way that you cannot stimulus‑package your way into people feeling rich again. The new game in China is subtle: balancing recognisable heritage codes with innovation, and making sure “exclusive” doesn’t read as “overexposed on Little Red Book.”
7. The US department‑store drama: Saks Global’s looming bankruptcy
Saks Global – parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman – is preparing a bankruptcy filing after missing a $100 million interest payment.
This is less about sympathy for marble foyers and more about what happens to brands that still relied on American temples of multi‑brand retail for discovery and depth. Even when luxury operates concessions, a hollowed‑out surrounding assortment kills the mood. Luxury has spent a decade chanting “DTC, DTC, DTC”; now it discovers it rather liked having intermediaries it could blame.
8. Pricing fatigue and the “value for money” crisis
Between 2023 and 2025, roughly 80% of luxury’s market growth came from price hikes, not volume.
The result: 35% of “aspirational” customers have pulled back or delayed purchases. Even ultra‑high‑net‑worth clients, supposedly immune to such earthly concerns, are grumbling about quality not keeping pace with price. The industry’s least favourite phrase – “value for money” – is suddenly back on the agenda, and you can feel the discomfort in every boardroom PowerPoint.
9. The quiet luxury hangover
The Row’s viral sample sale, the rubber flip‑flop scandal, and that open letter from an annoyed influencer turned the poster child of whisper‑priced minimalism into a mainstream meme.
The broader question: can logo‑free “stealth” brands scale without losing their mystique? Loro Piana, Zegna, Brunello Cucinelli and co. are discovering that once the masses know the secret code, quiet luxury isn’t quiet at all – it’s just expensive beige.
10. Platformed customers: influencers now do the product audits
Influencers and luxury clients are now live‑reviewing products, prices and quality in real time, often more ruthlessly than any critic.
He notes the delicious irony: a sector that once cultivated mystery now has TikTokers zooming in on crooked seams. The upside for consumers is radical transparency; the downside for brands is that “we’ll fix it next season” no longer works when the defects are already viral.
11. Executive accountability: when “the vision” doesn’t sell
Investors have grown weary of blaming disappointing numbers solely on designers. With so many creative revamps in play, attention is shifting to CEOs, CMOs and merchandisers who greenlight assortments and strategies.
If 2024 was the year of the star creative appointment, 2026 may be the year of the discreet CEO exit memo.
12. Vertical integration and the race for craft
Dior’s new industrial division to centralise suppliers and workshops, and Prada’s 10% stake in Italian leather producer Rino Mastrotto, underline a clear trend: luxury wants to own more of its value chain – and be seen to own it.
Public jewellery schools at houses like Van Cleef & Arpels and Bulgari show the other side: if you can’t beat the scepticism on price, invite it into the atelier and drown it in artisanal detail.
13. Gold at record prices – and jewellery spinning it as a feature
With gold prices high, jewellery maisons are reframing raw‑material inflation as a client benefit: your high jewellery is, conveniently, also an “investment.” Bulgari’s CEO has been explicit that elevated gold prices reassure clients of long‑term value.Vogue Business
It’s a clever narrative. Whether clients are really checking spot gold before buying a necklace is another matter.
14. Sustainability grows up: from slogans to serious certifications
One of the more meaningful shifts: Champagne Telmont has earned full Regenerative Organic certification, a demanding standard that goes well beyond “we’ve planted some trees.”
The maison is owned by Rémy Cointreau, which suggests serious capital is finally backing deep sustainability moves. If fine wine and champagne can concretely measure soil health, one wonders how long fashion can get away with “eco capsules” made of recycled press releases.
15. The superfake arms race
“Superfakes” – near‑perfect replicas often using comparable materials – are now so good that some buyers knowingly choose them over originals.
This is existential. If a counterfeit bag offers 95% of the look and feel at 5% of the price, luxury must deliver something beyond materials: provenance, after‑sales, meaningful design, and yes, some measure of conscience. Otherwise, clients may turn out to be more pragmatic than the industry likes to believe.
16. Second‑hand watches stabilise – and legitimise resale
After a frothy few years, the secondary watch market has “stabilised,” according to resale platform Chrono24: volatility is easing and prices finding a more rational level.
For the primary market, this is both competition and validation. A strong, orderly resale market supports the “investment” thesis for top marques – while forcing brands to think about supply, scarcity and buy‑back programmes more strategically.
17. Swiss watchmaking: winners, losers, and LIV Golf
Reports from Switzerland paint a bifurcated picture: top maisons power ahead while smaller brands struggle for relevance.
Rolex’s partnership with LIV Golf is emblematic: the watch world’s most powerful brand flirting with one of sport’s most controversial leagues. Purists may wince, but it shows how far even the most traditional houses will stretch to own global attention.
18. Automotive x horology: Aston Martin + Breitling
Aston Martin has signed Breitling as its global watch partner, including sponsorship of the F1 team.
The tie‑up reinforces a long-standing truth: nothing sells chronographs like fast cars and grid‑side hospitality. It also further blurs the line between luxury products and lifestyle ecosystems – the watch as ticket, not just timepiece.
19. Hospitality as theatre: Peninsula’s motoring adventure
The Peninsula Hotels’ extended motoring adventures – now including a six‑day Highlands drive in Scotland – show how ultra‑luxury hospitality has shifted from marble bathtubs to curated narratives.
Guests increasingly want Instagram‑ready experiences where the car, the landscape and the hotel all feel like scenes from the same film. He notes that the real luxury is the time to enjoy it – something even the best concierge cannot manufacture.
20. Experiential real estate and branded residences
From Banyan Group’s new residential brand to hotel‑branded condos in every sun‑drenched tax haven, real estate continues to be luxury’s favourite long‑term hedge.
Buy a view, get a logo on the doorman’s jacket. The risks – brand dilution, service inconsistency – are real, but the appeal of turning brand equity into brick‑and‑mortar assets is proving irresistible.
21. Gen Z and Millennials rewrite what “luxury” means
Younger clients use luxury less as a synonym for wealth and more as a tool of self‑definition. They cite exclusivity as a key driver of spend at levels 11 percentage points above the overall average, and they are far more responsive to design and creativity than to mere status signalling.
In practice: a sharp design from a relatively niche house can trump a logo from the usual suspects – provided the story is strong and the drops are scarce enough.
22. The circular luxury boom
The circular and resale economy is projected to cross into multi‑billion‑dollar territory by the end of 2025, with growth outpacing the primary market.
Officially, brands talk about sustainability and access; unofficially, they are studying how to participate without cannibalising full‑price sales. Expect more authenticated in‑house resale, repairs and “vintage archives” that conveniently keep margins in‑group.
23. Digital and AI: from gimmick to infrastructure
Luxury’s flirtation with AI is turning serious. Saks Fifth Avenue, for example, is using AI to personalise editorial content and product recommendations online.
Coty has partnered with OpenAI to equip teams with AI tools, including ChatGPT Enterprise, for everything from trend analysis to creative support.
The smarter players see AI not as a shiny toy but as plumbing: unified client data, better clienteling, friction‑free omnichannel experiences. The danger is that, badly implemented, it becomes just another layer between client and human touch.
24. E‑commerce matures, but boutiques still matter
Online’s share of luxury sales is projected to rise to over 18% by 2027, up from around 10% in 2018, with offline still the lion’s share but gradually shrinking.Market.
Clients now expect the full choreography: pre‑shopping on multi‑brand sites, tailored outreach from advisors via WhatsApp, and in‑person appointments that feel like private events. Stores are no longer just shops – they are content studios, museums and clubhouses, depending on the day.
25. The Middle‑America and Middle‑Class challenge
One of the industry’s biggest headaches is how to “reconquer the aspirational Western middle class,” as analyst Luca Solca bluntly puts it.Vogue Business
After years of relentless price hikes, the €3,000–€10,000 annual spender has quietly drifted to travel, wellness and premium-but-not-quite‑luxury brands. Expect more accessible accessories, entry‑level high jewellery and cleverly tiered product strategies to try to lure them back – without annoying the VICs already paying full freight.
26. Fashion’s search for joy after “quiet luxury”
Industry leaders predict a swing back towards “fashion, colour, fun, party, elegance, femininity” and away from monastic minimalism.
Designers seem happy to oblige: more embellishment, bolder prints, unapologetically “fashion” silhouettes. The challenge will be keeping this from sliding into the over‑embellished maximalism that left consumers exhausted pre‑pandemic.
27. Beauty’s resilience and tech pivot
Beauty remains one of the most resilient corners of luxury – from Estée Lauder raising its full‑year outlook despite choppy macro conditions, to niche houses experimenting with upcycled materials, like Guerlain’s deadstock‑denim adorned lipstick cases via LVMH’s Nona Source.
Beauty also serves as a testbed for AI‑driven diagnostics, AR try‑ons and hyper‑personalisation that fashion will eventually borrow – ideally with fewer glitches and better lighting.
28. Luxury and art: from sponsorship to co‑authorship
Qatar Airways’ expanded partnership with Art Basel, Saint Laurent’s use of fine art inside its Paris flagship, and a steady flow of brand‑commissioned books with Assouline and others all underscore the same point: art is no longer mere backdrop.
Houses want cultural authority, not just ambience. The risk, of course, is that art becomes yet another marketing line item; the opportunity is to genuinely embed critique, daring and surprise into brands that badly need all three.
29. Luxury hospitality’s aesthetic trap
Commentators like Daniel Langer warn that luxury hotels are in danger of “aesthetic obsession” – prioritising striking interiors and Instagrammable moments over genuine emotional connection and service depth.
He notes that while marble can be wiped down and photographed, culture cannot. The next winners in hospitality will be those who remember that the most important design element in any hotel is still the human being greeting you at 2 a.m.
30. The trust deficit – and the path out
Investigations into labour practices, the rise of superfakes, aggressive pricing and environmental concerns have combined into a quiet but serious trust deficit. In surveys, “expertise and quality” top the list of what ultra‑rich clients say “epitomises luxury,” and 67% of consumers say brand trust is crucial for long‑term loyalty.
The way forward is neither a manifesto nor a campaign, but the unglamorous work of traceability, fair labour, honest pricing and products that feel as good in the hand as they do on Instagram. For an industry built on dreams, it’s an oddly prosaic set of tasks – but perhaps that is precisely why it has taken so long to begin in earnest.
