A new survey finds affluent Millennials are keen to purchase luxury goods for the status they confer, calling on luxury brands to embrace their customers’ status needs.
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Why Nordstrom May Be Surprise Winner From Saks-Neiman Marcus Merger
After months, even years of rumors, Saks Fifth Avenue and Neiman Marcus Group (NMG) have reached a definitive merger agreement. Saks will pay $2.65 billion to acquire NMG and its 36 department stores, two Bergdorf Goodman locations and five Last Call outlets. Saks brings 39 stores, 95 Saks Off 5th outlets, and a separately operating […]
Resolving The Tension Between Quiet Luxury and Status-Seeking Conspicuous Consumption
A New York minute ago, quiet luxury replaced conspicuous consumption and became all the rage. Now it’s retreated from the headlines with fashion insiders rejecting the phrase as too overused: “An overly TikTok-ified way of describing classic, refined clothing,” the Wall Street Journal reports. Italian designer Brunello Cucinelli, who fully embraces the trend if not the terminology, […]
Italy Calls Out Dior For Unethical Supply Chain And Warns Other Luxury Brands About Abuses
A Milan court just placed LVMH’s Christian Dior brand under judicial administration for a year after an investigation found two of its Chinese-owned subcontractors based outside Milan had exploited their workers. This followed a similar judgment in April against Giorgio Armani for “culpably failing” to oversee its suppliers, according to Reuters. While Dior was not […]
RH Remains Far From The Summit Of ‘Luxury Mountain’
In RH’s first quarter 2024 report to Wall Street, CEO Gary Friedman tried to put a positive spin on otherwise depressing news – the lipstick-on-a-pig metaphor comes to mind. For years, Friedman has defined the long-term vision for RH to “climb the luxury mountain,” but it reached its peak in fiscal 2021 with revenues of […]
