When I am in Los Angeles I always make it a point to go to Rodeo Drive and talk to customers, store managers and sales associates to get a reality check. Traffic is definitely down, according to managers and sales associates. I saw lots of empty stores on a Saturday, and not so many bags in the hands of shoppers. This time I heard a great deal of uncertainty about the present and future from store staffs. The uncertainty has several factors: 1-While the UHNW and HNW are still buying, there seems to be a lack of excitement about current collections. And even the wealthiest are unhappy about prices. 2-At some major brands there is staff uncertainty about the viability of relatively new, unproven Creative Directors, and their ability to be good stewards of the brand. 3-There is uncertainty about departing Creative incumbents and their replacements. Associates wonder how HNW and UHNW SuperClients will react. 4-Obviously there is uncertainty about the economy and whether it turns up or down next few months. What will the holidays and 2025 bring? Fashion, by its very nature carries a great deal of uncertainty, but this is a time where there is much more sense of fragility, fear, and concern from associates than I have heard since Covid. If you want to master true luxury expertise, not just punditry or academic expertise, go out into the field and spend quality time with customers and associates. We spend most of our days living with, and interviewing HNWs and UHNWs, and speaking with front-line teams across multiple luxury categories. True, unmatched luxury expertise is what The Luxury Institute, LLC delivers.
Chanel Adams
2mo
Luxury is in a decline right now. But I feel that it could rebound once again. Listening to customers and associates is important. Luxury brands need to address their concerns and speak to their needs and desires. This is the key to making the industry thrive again.
The Lipstick Index in action? Perhaps?
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2moHearing that sales associates are feeling the heat about the future of their brands and the new creative directors is telling. It’s like a high-stakes fashion show with everyone wondering if the next designer will be the next big thing or a major flop.