Key insights

• 💎 Major and Minor League luxury brands set trends and push creative boundaries
• 🎨 Some Minor League brands embrace quiet luxury and artistic visions
• 🤵 The 1% often prefer select Minor League brands within quiet luxury aesthetic
• 💰 Sign value is the cornerstone of luxury products, representing social, cultural, and personal contexts
• 👴👔 Old money conveys tradition, refinement, and social standing, while new money is associated with brash displays of wealth
• 📈 Ambitious brands and conglomerates prefer to rely on the middle classes as a more reliable consumer base than the 1%
• 📉 Fashion industry struggling post-pandemic with major brands experiencing sales decline
• 🛍️ Increase in popularity of quiet luxury and old money style, Shift in consumer preferences towards niche brands and fast-fashion dupes

Q&A

• How are Major League luxury brands impacted by consumer spending?

  The middle class is cutting back on luxury spending and directing more money into savings amid rising inflation, impacting Major League luxury brands.

• Who drives the modern fashion market?

  The middle class drives the modern fashion market by indulging in luxury purchases with high symbolic value.

• How did the fashion industry fare during the pandemic?

  The fashion industry thrived during the pandemic with significant sales increases for luxury conglomerates. Major fashion brands targeted the upper-middle class and nouveau riche, offering both expensive and accessible products.

• What is the cornerstone of luxury products?

  Sign value is the cornerstone of luxury products, representing social, cultural, and personal contexts.

• What do the 1% prefer in the realm of quiet luxury?

  The 1% often prefer select Minor League brands within the realm of quiet luxury, focusing on sign value and subtlety to convey old money status.

• How do Major and Minor League luxury brands differ?

  Major and Minor League luxury brands lead fashion trends and push creative boundaries. Minor League brands can range from financially successful to more niche, with a focus on quiet luxury and artistic visions.

• Which brands are part of the 'Major League' of luxury houses?

  The 'Major League' of luxury houses includes brands like Louis Vuitton, Dior, Gucci, and Chanel, with annual revenues of 10 billion dollars or more.

• How are luxury products characterized?

  Luxury products are characterized by premium pricing, exceptional craftsmanship, and their ability to symbolize wealth and distinction.

• Who primarily sustains luxury products?

  Contrary to popular belief, luxury products are primarily sustained by the upper-middle class, not the ultra-rich.

• What is the global luxury market dominated by?

  The global luxury market is dominated by major conglomerates like LVMH and Kering, with brands like Louis Vuitton and Dior leading the industry.

• 00:00 The global luxury market is dominated by major conglomerates like LVMH and Kering, with brands like Louis Vuitton and Dior leading the industry. Despite popular belief, the majority of luxury purchases come from the upper-middle class. Luxury products are defined by premium pricing, exceptional craftsmanship, and their ability to symbolize wealth and distinction.
• 03:06 Major and Minor League luxury brands lead fashion trends and push the boundaries of creativity. Minor League brands range from financially successful to more niche, with a focus on quiet luxury and artistic visions. The 1% opt for select Minor League brands within the realm of quiet luxury.
• 06:12 The 1% prefer understated luxury, focusing on sign value and subtlety to convey old money status. The distinction between old and new money is reflected in their fashion choices. The Minor League brands can possess symbolic significance equivalent to Major League brands due to exclusivity and heritage.
• 09:14 The fashion industry thrived during the pandemic, largely due to indulgence in luxury items by the upper-middle class. Major fashion brands target the upper-middle class and nouveau riche, with most offerings being within reach but also offer exclusive products for the 1%. Middle classes are a more reliable consumer base for ambitious fashion brands.
• 12:02 The middle class drives the modern fashion market by indulging in luxury purchases with high symbolic value. Major luxury brands may become less attractive to the elite upper classes seeking exclusivity, but conglomerates still profit from both segments. The fashion industry has been struggling post-pandemic, with major brands like Gucci experiencing organic sales decline.
• 14:59 The middle class is cutting back on luxury spending and directing more money into savings amid rising inflation, impacting Major League luxury brands. Minor League brands appealing to the 1% and a few Major League anomalies like Hermès are thriving. Quiet luxury is gaining popularity across demographics, prompting a shift in consumer preferences.