Big brands like LVMH, Kering, and Burberry are seeing slower sales. Reasons include weaker demand in China, new U.S. tariffs, and the end of tax-free shopping in the UK. Prices have also jumped—up 65% since 2019—which is turning off shoppers. On top of that, younger consumers are buying more second-hand and care more about sustainability.  Emerging e-commerce brands offering luxury styles at lower prices without traditional overheads are also gaining traction, indicating a potential paradigm shift in consumer preferences and the industry's structure. Jonathan Siboni, CEO of Luxurynsight, summed it up clearly: “Fashion is facing a perfect storm.”

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Thanks to The Times and John Arlidge for including us in the article.