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

Big luxury has become its own worst enemy because it’s a prisoner of its current playbook.

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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........

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