Why Jewellery Grew While Fashion Stalled
In the quarter to 30 June, one category grew at every group that reports it separately. It was not the category with the creative directors.
The Industry That Sells the Antidote to Itself
The houses crossing the cycle best protected the conditions that produce desire: scarcity, distance, interval. The divergence is philosophical before it is financial.
The Customer Is a Quilt, and the Brand Is One Patch
Luxury's loyalty model was built on a generation that no longer exists. Occupation is no longer available. Rechoice is.
Hermès H1 2026: The House Paid for 2030, and the Bill Was 40 Basis Points
Hermès gave back 40 basis points of margin this half. It did not lose them. It spent them.