Luxury consumers are feeling less optimistic about the economy, yet remain engaged in luxury shopping, according to the latest Saks Luxury Pulse survey.
The primary reasons for declining confidence in the economy include global conflicts and economic instability, particularly among those with an income of $200K or more. In response to economic uncertainty, luxury consumers are prioritizing financial security, physical health, and travel or new experiences in 2025.
Still, 58% of respondents plan to continue spending the same or more on luxury.
Sixty-three percent of those earning $200K or more plan to maintain or increase their luxury spending, marking a 4 percentage point increase from the previous year. Among consumers earning less than $200K, 52% intend to maintain or increase their luxury spending, a 5 percentage point decrease year-over-year.
The survey also underscores a growing trend: luxury consumers are increasingly embracing personalization and AI-driven experiences to enhance their shopping journeys.
Consumers prefer engaging with personalized content online or via apps, followed by email marketing, while consumers find the most value in personalized content that offers exclusive access to limited-stock products, rewards, and special offers.
Ninety-four percent of luxury consumers said they are willing to engage in activities that enhance personalization, such as creating accounts, generating wishlists, and providing shopping preference feedback.
Meanwhile, 66% of luxury consumers said they are using AI features when shopping for fashion online, an increase of 2 percentage points compared to the same time last year.
The most popular AI-driven tools include size recommendations and product visualizations on different body types. However, consumers remain hesitant to use AI for virtual try-on experiences requiring personal photo uploads.
“At Saks Global, we’re working to reinvent luxury shopping by delivering luxury fashion and experiences perfectly curated for each customer. Our deep understanding of the luxury consumer–bolstered by this survey–strengthens our ability to do just that,” said Emily Essner, president & chief commercial officer, Saks Global.
“In the Saks Global Luxury Pulse, we’re pleased to see that the luxury consumer remains engaged in the luxury shopping experience, despite a dip in their optimism about the economy.”
The Spanish fashion conglomerate Tendam has a new majority owner. Nine months after canceling its plans for an IPO in Spain, the investment vehicle of the Abu Dhabi royal family, Multiply Group, has acquired a 67% stake in the company from private equity firms CVC Capital Partners and PAI Partners. The deal values the company at over €1 billion, according to reports from the business daily Expansión.
Multiply Group acquires a 67% stake in Tendam, strengthening its presence in the global fashion market. – Tendam
The acquisition follows unsuccessful attempts to take Tendam public, as the market conditions failed to meet the expectations of CVC and PAI Partners. Both firms had been part of Tendam’s ownership since 2006, following a complex bidding war that also involved private equity firm Permira. In 2017, CVC and PAI Partners acquired Permira’s 33% stake, becoming the sole owners.
According to the same source, in addition to IPO attempts, CVC and PAI Partners had also explored other options for the company, including selling it to investors with an industrial profile or to the department store group El Corte Inglés.
Formerly known as Grupo Cortefiel, Tendam’s portfolio includes Women’secret, Springfield, Cortefiel, Pedro del Hierro, Hoss Intropia, Slowlove, High Spirits, Dash and Stars, OOTO, Milano, Fifty, and Hi&Bye. The group operates more than 1,760 points of sale across 80 countries, including standalone stores, department store corners, and franchises. It also maintains an online presence through over 33 websites.
What a difference a different colour and an Oscar-winning composer can make to a fashion show, as Gucci showed in its first post-Sabato De Sarno collection in Milan on Tuesday.
The debut show of the six-day Milan Fashion Week, the show and set were useful reminders of Gucci brand power, something far too many people have forgotten lately.
Gone was the deep purple that obsessed the banished creative director. Instead, the green room, invitations, curtains, and banquette seating inside the huge show space were hearty Castleton green. Even the catwalks were done in two massive interlocking green Gs.
A model walks the runway in Gucci’s Castleton green show space, reflecting a new direction for the house. – Photo Credits: Godfrey Deeny
Presented inside Superstudio Maxi, a giant party club in south Milan, the show was blessed with a fantastic original soundtrack by Justin Hurwitz, who won two Oscars for Best Original Song and Best Original Score for La La Land. He energetically conducted a live chamber orchestra before a front row, where Kering CEO and Gucci patron François-Henri Pinault sat beside Julia Garner, Jessica Chastain, Parker Posey, Jannik Sinner, Yara Shahidi, Dev Patel, Xiao Zhan, and Wen Qi—not bad going for a house without a designer.
A rousing performance that drove forward this show and collection, a cautious yet snappy array of Gucci hits over several decades created by the in-house design team. Ranging from ’60s fur and deep mohair peacoats; to knee-length skirts slit up the side, big-button tunics, or some perfectly cut Donegal tweed business suits. Dolce Vita damsels out for a stroll, certain to make heads turn.
Gucci’s runway featured rich textures and fluid silhouettes, blending heritage with modern elegance. – Photo Cresits: Godfrey Deeny
All the way to the 90s slip dresses, oversized coated blazers with peak collars, or bouclé wool mini cocktails. Best of all were the interlocking G-print velvet dresses and the semi-sheer skirts paired with velour leotards and worn with gold stirrup pendants, adding plenty of oomph. All this was worn with several new takes on the 1955 horse-bit bag that looked very commercial.
There was a time under Alessandro Michele, when the Gucci girl looked like she lived in Brooklyn. None of these girls looked like they ever took a subway.
Halfway through, the chamber orchestra changed rhythms and out came the menswear collection, featuring a sharp new double-breasted suit with an elongated jacket and slim pants, slashed at the back at the ankle and worn with natty leather slippers. Noting too awe-inspiring, but decent merch as were some great scrawny mohair cardigans. Though quite why there were six versions of the same coat, albeit in different materials was hard to comprehend.
Gucci’s menswear collection featured sleek tailoring with modern proportions and effortless elegance. – Photo Credits: Godfrey Deeny
“We wanted to make a brand statement,” said Gucci CEO Stefano Cantino. And the house most certainly did with an excellently staged show that ended with a score of young designers taking a joint bow at the bandstand. All dressed in Castleton green sweatshirts.
Despite it being one of those foggy days when clouds descend like lumpy porridge from the Alps and Milan looks very mournful, several thousand fans swarmed around outside, cheering each star as they exited. Gucci may have suffered several tricky years and seen revenues fall 20% in the most recent quarter, but judging by these fans; the label is still a major cult marque.
The house was mum about the eventual successor to De Sarno, though an announcement is expected in the next several weeks – with Hedi Slimane the designer with the shortest odds.
Business may have been weak but there is plenty of life in the house of Gucci.
Tougher laws on UK retail crime are taking their first steps through parliament today (Tuesday 25 February).
Pexels
The government’s Crime and Policing Bill, which will mostly apply in England and Wales, contains over 50 measures including stricter penalties for shoplifting of items under £200 and making it a new offence to assault a shop worker.
It also contains new ‘Respect Orders’, reminiscent of the Anti-social Behaviour Orders introduced by the last Labour government before being abolished in 2014.
Current laws don’t go far enough for shoplifting theft under £200 and such crimes can only be tried in a magistrates court.
Home secretary Yvette Cooper said: “The new Crime and Policing Bill is about taking back our streets and town centres, restoring respect for law and order, and giving the police and local communities the support and tools they need to tackle local crime.”
The British Retail Consortium warned in January that retail crime is “spiralling out of control”, hitting its highest level on record. Theft alone is now costing retailers £2.2 billion a year while violent and abusive incidents were up more than 50% last year. The crime prevention cost for stores is around £1.8 billion annually.