True rarity, short supply chains, and made-on-demand models: What today’s luxury brands can learn from the pre-1990s

Luxury brands have witnessed three decades of unprecedented growth. In April 2023, LVMH, home to the likes of Givenchy and Guerlain, even briefly became Europe’s most valuable company. Since then, most luxury giants have lost momentum. Estée Lauder’s stock price has shed 35% since the start of 2024. Hermès has lost 34% so far this year, and shares in Richemont, owner of Cartier and Chloé, have yo-yoed and are now down 15%. Luxury’s troubles are not cyclical; they are stru...