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Customers\u2019 choices now depend on their perception of value<\/b>. The findings of the latest Accenture study<\/b> reveal a shift: 37% of customers* believe that value for money is declining among major luxury houses<\/b>. Luxury is losing its magic: 50% of customers* feel that these brands have become profit-driven companies rather than creators of dreams.<\/p>\n
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As brand loyalty wanes<\/b>\u2014to the point that 54% of the wealthiest customers (VIC)* are turning to the secondhand market\u2014a new wave of independent brands is emerging<\/b>. These challengers are redefining the contours of a desirable, responsive, and more transparent luxury.<\/p>\n
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The post-Covid era has transformed the market<\/b>. Between 2021 and 2023, the sector\u2019s growth was driven by a highly aggressive pricing strategy<\/b>. The example of the Chanel Timeless bag<\/b> is striking: its price jumped by more than 70% between 2019 and 2023***<\/b>. Luxury houses have raised their prices to target the wealthiest customers<\/b>. By way of comparison, a pair of pants at Dior now costs around 1,900 euros, compared to about 900 euros before this surge, according to an analysis of retail prices for the 2021\u20132025 period.<\/p>\n
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This shift toward the \u201cvery high end\u201d has sent shockwaves through the industry: in just two years, the luxury sector has lost 80 million customers**, primarily from the so-called \u201caspirational\u201d customer base<\/b>. Faced with inflation, these customers have been forced to turn away from historic fashion houses. Since 2024, the sector has been changing: loyalty is no longer a given; it must be earned every day.<\/p>\n
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In this changing landscape, China occupies a strategic position<\/b>. Bernard Arnault has repeatedly emphasized that China has become a central driver of the global luxury market<\/b>, representing a vital share of LVMH\u2019s growth, as he noted during LVMH\u2019s annual results conference and as corroborated by Bloomberg.<\/p>\n
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However, this market, which was once the strength of the historic groups, is also becoming a breeding ground for credible new players<\/b>. The rise of premium Chinese brands such as Songmont, Icicle<\/b>, and Ms MIN<\/b> shows that competition will no longer come solely from the West. These brands no longer seek to imitate Europe; they are building their own identity<\/b> by blending local craftsmanship with contemporary codes. They are capturing a local clientele that, according to Accenture, places increasing importance on affirming its cultural heritage.<\/p>\n
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These brands possess a major strength: they are independent.<\/b> They master the codes of luxury without bearing its historical baggage.<\/b><\/p>\n
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Toteme<\/b> is a prime example. Founded in 2014, the Swedish brand reached 180 million euros in revenue in 2024* according to the newspaper Le Monde. By opening a boutique on Rue du Faubourg-Saint-Honor\u00e9, it offers prices that reflect the luxury of fifteen years ago: 300 euros for pants, 1,200 euros for a coat.<\/b><\/p>\n
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On a more exclusive note, the American brand The Row<\/b> perfectly embodies this shift. By focusing on top-tier quality without logos and absolute discretion<\/b>, it is perceived by many customers as a more authentic alternative to century-old fashion houses. This agility is vital: 83% of luxury executives* admit that their customers are evolving faster than their ability to adapt their own companies.<\/p>\n
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Human connection has become the central focus<\/b>. 76% of customers* say that staff expertise and hospitality directly influence their brand loyalty<\/b>, as noted by Accenture in its Luxe Eternal 2026 study.<\/p>\n
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This is where new players, such as Pol\u00e8ne<\/b>, are gaining ground. Guillaume Etancelin, the brand\u2019s training manager<\/b>, told me in an interview: \u201cWe don\u2019t present ourselves as a luxury brand, but as<\/b> a French leather goods house<\/b>. We employ artisanal craftsmanship but with a different design process. \u201d<\/p>\n
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The strategy is to offer the same techniques as those of historic Houses, but with more direct management<\/b>. The welcome is carefully curated starting from the outside of the store, because, as Guillaume explains: \u201cThe experience begins in the queue.\u201d To support this level of service, Pol\u00e8ne has hired nearly 200 people at its headquarters in one year* to build a solid organization.<\/p>\n
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Historic Houses retain immense financial power<\/b>. But they are no longer alone<\/b>. Swedish, Chinese, French, and American brands are capturing a growing share of the spotlight.<\/b> They are filling the void left by the price hikes imposed by the giants.<\/p>\n
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The challenge for these century-old houses is to remain relevant in a world where legitimacy no longer comes solely from the past, but also from the ability to offer a genuine experience and a competitive price.<\/p>\n
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