A New Philosophy For Luxury Brands

It’s a tough time for luxury brands. When even Hermes’ growth slows, you know there’s trouble. Further confirmation of luxury’s slowdown comes from news that Kering’s revenue is down, falling 14 per cent at former cash cow Gucci, as well as declining at Yves Saint Laurent, Bottega Veneta and Balenciaga. 

If Phoebe Philo was feeling nervous before, she must be quaking in her Stan Smiths now. I’m joking – as if she’d be wearing Stans in 2023! – but nobody could blame her for feeling tense. With less than four days to go, Philo is launching her eponymous label into a market that’s rarely been more challenging. Even if the world needs another perfect navy turtleneck, can it afford the inevitably steep figure price tag?

Never mind Philo’s nerves: I’m equally obsessed with how nervous her rivals are feeling about the new competition. I can’t help seeing JW Anderson’s new Loewe ads as a preemptive strike. In 2015, Philo made Joan Didion the face of Celine, looking fabulous at 80. The ads went viral, with everyone agreeing how cool and refreshing it was to see an octogenarian in a fashion ad. Eight years later, Anderson has cast an actress eight years older: the incomparable Maggie Smith, 88, her face as expressive and lovely as it’s always been. These ads have been well received, too. The takeaway? It takes more than youth and beauty to cut through the noise, and it takes more than a shiny new handbag to lure customers. Increasingly, people want integrity and depth – qualities Maggie Smith has in abundance. Over to you, Phoebe. No pressure, though.