My dry summary of where things stand today in luxury fashion
• The concept of what luxury is hasn’t exactly acquired a new meaning, but it’s definitely gaining new layers. Brands are now facing a complex positioning challenge, and when I watch at yet another financial report or investors’ meeting, I realize that the industry still struggles to shift from the notion of “desirability” toward broader definitions. I see that as a problem.
• Fashion was invented to signal status; bluntly speaking, the wealthy created it to distinguish themselves from the poor. The latter, in turn, spent centuries trying to imitate it to gain access to a world that remained closed to them. That status is something many people want to broadcast. However, with the rise of social media—where the image often doesn’t match reality—the true markers of status are no longer clothes and bags but rather real estate, luxury cars, travel, and even silence. Naturally, this affects fashion sales. I…