Great fragmentation. Who wins and who loses when the myth of luxury crumbles (analysis for the third quarter of 2025).

(2)

The third quarter of 2025 marks the end of an era of illusion. The myth that ‘all luxury is recession-proof’ has finally been debunked. The boom fuelled by ‘revenge spending’ has faded, and global economic uncertainty has revealed a fundamental truth: there is no longer a single ‘luxury market’.

Contents of the article

The market has become deeply fragmented. The Q3 figures are stark: while LVMH, the industry barometer, has recorded its first decline (-2%) and Kering's crisis has deepened (-5%), other players are thriving. Hermès maintains its position as an unassailable stronghold. The Prada Group (+8%) proves the power of cultural ‘heat’. And Ferragamo (+17%) is becoming a symbol of the ‘third way’