What Luxury's Winners Are Getting Right
About this episode
The episode discusses the shifting landscape of luxury fashion and what successful brands are doing differently in the current economic climate.
The global fashion industry is a $2.5 trillion economic engine, and yet in the corridors of Washington and high finance, it's often treated as a sideshow. This week I was in DC at Semafor World Economy, listening to conversations about AI and genomics and energy — and arguing that fashion is actually one of the best barometers we have for where the global consumer is heading. Because the luxury landscape is being reshaped in real time. This week LVMH reported that its fashion and leather goods division contracted by 2 percent in the first quarter. Kering's group revenues were also flat, with Gucci down 8 percent. Meanwhile Ralph Lauren has raised its guidance three times in the past year, with revenue up 12 percent in the most recent quarter. And Zegna's flagship brand grew more than 7 percent in the fourth quarter. So what are these winners doing differently? In this episode I sit down with three leaders who, from very different starting points, offer a remarkably consistent answer — one that has little to do with logos, scarcity or hype, and everything to do with substance, inclusion and a clear sense of what customers are willing to pay for. First, Ermenegildo Zegna, group…
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