The Powers That Be: Daily Luxury’s Q3 and Vogue World Takes Hollywood
Nov 1, 2025
Luca Solca, a senior luxury goods analyst at Bernstein, dives into the latest trends in luxury brands such as LVMH, Kering, and Prada. He discusses the modest recovery in demand driven by the US and China, highlighting risks in consumer confidence and real estate. Luca evaluates Jonathan Anderson’s commercial creativity at Dior and praises Kering's strategic shifts under Luca De Meo. He shares insights on potential M&A moves, the roles of luxury icons like Hermès, and expresses cautious optimism for market growth through 2026.
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Two Structural Drags Explained
- Two main drags: post-COVID overconsumption in the West and depressed Chinese consumer confidence tied to real estate.
- Recovery in China is likely U-shaped, not V-shaped, so improvement will be gradual.
Use Stories And Limited Editions
- LVMH should keep telling fresh brand stories and use events and limited editions to re-engage existing customers.
- Management moves and targeted self-help actions can reframe investor sentiment even without immediate market tailwinds.
Succession Is An Investor Focus
- Investors watch succession and leadership transitions closely at mega-companies like LVMH.
- Successful, visible CEO successions (seen at other houses) materially affect long-term trajectories.