Luxury’s real crisis isn’t price—it’s desirability

Luxury’s real crisis isn’t price—it’s desirability

Earlier this year, LVMH agreed to sell Marc Jacobs, as the world’s largest luxury group continues trimming its portfolio after several years of slowing demand. It’s the latest sign that even the biggest names in luxury are under real pressure. According to Bain, the management consultancy, the luxury market has lost around 70 million customers since 2022, shrinking from 400 million to roughly 330 million by the end of 2025. That wipes out over a…