This Week's Obsession: Luxury Fatigue and the Brands Defying It
In a luxury market grappling with a rare moment of slow growth and what some are calling “luxury fatigue,” Prada Group has defied expectations, showcasing resilience and dynamism in a climate where even iconic brands struggle to keep momentum. Prada’s recent announcement of a nine-month revenue jump of 18 percent year-on-year stands out sharply against luxury giants like LVMH and Kering, whose third-quarter revenues dipped by 5 and 15 percent, respectively. While the traditional allure of designer logos and the pursuit of brand prestige have long driven this industry, it’s clear that today’s luxury consumer wants something deeper—a desire that’s sparking innovation not only in product design but also in ownership models.
Prada’s Strategy Amid Industry Shifts
Prada Group’s recent performance illustrates how targeted brand strategy can turn challenges into growth opportunities. In the third quarter alone, Miu Miu sales surged by an impressive 105 percent year-on-year. With its blend of empowered femininity and “wearable wonkiness,” Miu Miu has captured consumer interest, appealing to shoppers’ desire for self-expression. Additionally, Prada’s success can be attributed to strategic marketing efforts and a focus on timeless products with a contemporary twist—a stark contrast to many luxury brands that seem to be struggling to maintain the exclusivity and intrigue that once defined the industry.
The slowdown in retail sales growth in the broader luxury sector has prompted brands to rethink their approaches to both product design and customer engagement. Market reports have pointed to consumer fatigue and shifting buyer values, with Deloitte noting that today’s consumers are increasingly seeking sustainability and authenticity. Prada’s strategy, which mixes tradition with a hint of novelty, taps into this demand for modern, versatile luxury. Bag trends for this fall echo this balance, with Prada’s totes, oversized shoulder bags, and softer, more casual silhouettes reflecting both timeless style and new functionality.
The luxury sector’s recent struggles underscore an important reality: opulence alone no longer captivates. In response to concerns about sustainability and exclusivity, new models of ownership have begun to take hold, paving the way for a more inclusive and responsible approach to luxury fashion. Co-ownership models like More Luxury Club are leading this evolution, allowing consumers to experience high-end fashion without the environmental and financial strain of traditional ownership. By enabling multiple owners to share in the ownership of one luxury piece, these platforms reduce the need for continuous production while granting access to luxury goods at a lower price point.
Much like the trend of more flexible and versatile handbags this season, co-ownership brings flexibility to luxury consumption. Members pay for a share of a piece, granting them access to it for a designated period each year while a curated service oversees maintenance, cleaning, and delivery. The result is a win-win: consumers get the thrill and prestige of ownership, while brands and retailers can cater to a more conscientious, value-driven clientele. Recent Bain & Company reports project that sustainability will continue to drive purchasing decisions for 73 percent of Gen Z shoppers—a powerful indicator for where the luxury market is headed.
Co-Ownership: The Answer to “Luxury Fatigue”?
As brands like Prada continue to evolve, the concept of co-ownership represents a compelling counterpoint to “luxury fatigue.” Co-ownership platforms address a critical issue facing the luxury sector: how to adapt to a generation that’s less interested in material accumulation and more in shared experiences. Co-ownership models foster a sense of community, enable resource sharing, and promote extended product use, allowing luxury items to retain their value and even become tomorrow’s vintage pieces.
This shift towards shared ownership aligns with evolving consumer values, offering an alternative to the “newness treadmill” that many feel has cheapened the luxury experience. By reshaping the consumption of luxury fashion, co-ownership not only supports sustainability but also invites consumers to enjoy luxury pieces in a way that feels meaningful and enduring.
Love it or "Hate" it? Top Evening Handle Bags
This season, top-handle evening bags are proving themselves to be true multi-taskers. Compact, chic, and effortlessly elegant, these bags are just as at home with a daytime look as they are with an evening ensemble. Leading the trend are beauties like the Bottega Veneta Andiamo Clutch, Loro Piana's L19, and Gucci's Half Moon Bag (pictured above). Unlike the typical clutch, these bags provide just enough space for essentials—keys, phone, and cardholder—making them ideal for those who want to transition seamlessly from day to night.
The charm of these bags lies in their versatility. The structured yet stylish design feels polished enough for work but makes just the right statement for after-hours plans. Gucci’s Half Moon, for instance, includes an internal zipped pocket for extra organisation, while the top-handle adds a touch of sophistication to any outfit.
Are these day-to-night top-handle bags your go-to for this season, or do you still reach for the classic clutch? Let us know — love it or "hate" it?
Introd ucing November's FAB5 Drop:
Each month, the More community selects five new season bags that will be available to purchase for the month, and November's lineup is nothing short of spectacular. We’re kicking things off with two bold statement pieces from Gucci: the timeless GG Embossed Vanity Bag, perfect for adding a touch of glamour, and the sleek Half Moon Shoulder Bag for effortless day-to-night style. Also joining our curated collection is the Celine Patent Teen Nino Bag, radiating Parisian chic, Toteme's sophisticated Leather Trimmed Canvas Tote for understated elegance, and the ever-iconic Fendi Peekaboo Soft Leather Bag, a classic you’ll want to invest in. Shares are sure to sell out, so get yours today.
Sources: Vogue Business: Miu Miu Sales Spike, Business of Fashion: Prada Group Defies Downturn