What Happened to Luxury’s Aspirational Shoppers?

Soaring Temperatures Hit Fashion; Luxury's New Normal

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WHAT YOU NEED TO KNOW TODAY: MONDAY, JULY 24, 2023 Aspirational shoppers, who buoyed the luxury business coming out of the pandemic, are pulling back on spending. Fashion is facing the fallout from record summer temperatures in Europe, the US and Asia. LVMH, Kering and Prada will seek to reassure the market this week after a luxury sell-off. Shein spent $600,000 on US lobbying efforts in the second quarter as it continues to face Congressional scrutiny.

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LUXURY Where Did Luxury's Aspirational Shoppers Go? By Joan Kennedy

After years of fueling growth at luxury brands, the group — which typically opts for entry-level accessories — pulled back sharply on spending in the first half of 2023. BoF unpacks what happened and what's to come. READ MORE

SUSTAINABILITY Too Hot to Handle? By Sarah Kent

Record temperatures in Europe, the US and Asia this summer point to the real and present risks of climate breakdown. Fashion isn't ready. READ MORE

LUXURY Is This Luxury's New Normal? By Robert Williams

LVMH, Kering and Prada are among the companies who will seek to reassure the market this week after mixed-bag earnings resulted in a luxury sell-off. That, plus what else to watch for in The Week Ahead. READ MORE

RETAIL Shein Spends $600,000 on US Lobbying As It Faces Washington Scrutiny By Bloomberg In addition to the $230,000 Shein paid to lobbying operations at Akin Gump and Hobart Hallaway & Quayle Ventures in the first quarter. READ MORE

How Loewe Became One of Fashion's Hottest Brands READ MORE

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NEWS BRIEFS Saint Laurent Selling Secondhand Band T-Shirts in Its Vintage Collection Ray-Ban Maker Accused in Lawsuit of Inflating Prices 1,000%

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