In Luxury, Megabrands Still Have the Upper Hand: Bernstein
Analyst Luca Solca argues that scale still matters, though the challenge remains "second-generation luxury consumers."
本条来自 WWD（Luxury / Fashion），聚焦 luxury、consumer。 EXCLUSIVE: First Look Inside Elysewalker’s New Pacific Palisades Flagship
Analyst Luca Solca argues that scale still matters, though the challenge remains "second-generation luxury consumers
- WWD Weekend
- Beauty Inc
- Fairchild Live
- Got a Tip?
- EXCLUSIVE: First Look Inside Elysewalker’s New Pacific Palisades Flagship
Analyst Luca Solca argues that scale still matters, though the challenge remains "second-generation luxury consumers
"
WWD Weekend
Beauty Inc
Fairchild Live
Got a Tip?
Plus Icon
Today's Digital Daily
WWD
Account
Welcome
Manage Account
Log Out
Log In
Sign Up
Click to expand the Mega Menu
site categories
Fashion
Business
Beauty
Sourcing Journal
Footwear News
Runway
Design
Weekend
Red Carpet
Click to Expand Search Input
Plus Icon
Click to Close Search Input
WWD
Click to expand the Mega Menu
Menu
Read Next:
EXCLUSIVE: First Look Inside Elysewalker’s New Pacific Palisades Flagship
Click to Expand Search Input
Plus Icon
Click to Close Search Input
Account
Welcome
Manage Account
Log Out
Log In
Sign Up
Icon Link
Plus Icon
Today's Digital Daily
Analyst Luca Solca argues that scale still matters, though the challenge remains "second-generation luxury consumers."
WWD Editor, International
Luxury’s biggest players would be wise to focus on recruiting young consumers in the current stagnant market.
In a research report issued Monday, Bernstein analyst Luca Solca argued that “the risk that children will want to define their identity differently from their parents — and therefore they may want to use different brands — is more material” than the risk of existing consumers ditching the luxury megabrands they currently favor.
Solca was responding to a recent report by Bernstein’s general consumer analysts suggesting that billion-dollar brands are dying.
Related Articles
Financial
Salvatore Ferragamo Shares Hit by Trading Update
Industry News
Top 100 Apparel Brands Ranked by Annual Sales
“Across consumer categories, the biggest brands are losing share to more nimble, niche challengers, who leverage the lower barriers to entry and take advantage of the changed consumer preferences, brought about by three decades of globalization and digitalization,” they wrote. “The very source of these megabrands’ growth (globalization and digital) is now the source of their downfall by lowering costs, disrupting traditional distribution and marketing channels, and accelerating product cycles and commoditizing innovation.”
You May Also Like
According to their calculations, over the last 10 years brands with sales of more than $2.5 billion have lost share around the world due to brand fatigue, stagnating growth avenues and increased competition.
“As global brands scaled, they lost their meaning through overproduction: Nike, Gillette and Ford are no longer the symbols of identity they once were,” the general consumer report said, noting that in the luxury space, smaller niche brands like Miu Miu and Brunello Cucinelli have been outpacing their bigger peers.
In his report, Solca noted that soft luxury brands focusing on the rich — including Loro Piana and Zegna — have run faster than megabrands. Meanwhile, accessible luxury players including Coach, Polo Ralph Lauren and Burberry have benefited from “an ocean of middle-class consumers trading down.”
“Mega-brands like Louis Vuitton resisting trading down and choosing instead different approaches to reignite growth — mass recruiting through sport sponsorships and launch of lower absolute price categories like beauty — have been successful to a point, despite flawless execution.”
Meanwhile, jewelry has retained strong appeal with affluent and middle-class consumers alike because “jewelry has become a lot cheaper relative to handbags and dresses. Jewelry brands were more prudent with their price increases during the post-COVID-19 boom years,” whereas many leather goods players increased prices well above historic averages, Solca wrote.
Adding to the bad situation for megabrands, “young global consumers have been under pressure – the Chinese have suffered slower macro-economic growth, while Western consumers have endured faster cost of living inflation.” What’s more, “streetwear has almost disappeared overnight.”
Still, in his view, luxury megabrands are more insulated than ones in fast-moving consumer goods and the mass market because they have deeper meaning for consumers and engender greater loyalty: “Consumers identify themselves with the values brands communicate and incarnate.”
What’s more, Europe’s luxury giants benefit from a tighter grip on distribution, higher price discipline and have learned to “avoid the trap of over-exposure and perceived ubiquity.”
“We have seen many smaller brands temporarily rise to fame and then meteorically disappear over the horizon. We have yet to see a megabrand fall off and disappear forever, at least since Pierre Cardin did,” Solca concluded.
Newsletters
Sign up for WWD news straight to your inbox every day
Ferran Torres Talks World Cup and That Hat
Most Popular
Why Is Everyone Still Walking in Running Sneakers?
Michael Jordan's Air Jordan 17 Is Coming Back in Black for the First…
Michael Jordan's Air Jordan 10 Is Getting a New Look With…
Hudson Williams Debuts New Resort Brand Descalco
Eminem's Mythical Air Jordan 4 Collaboration Is Being Released to the…
WWD
Get all the top news stories and alerts straight to your inbox.
PMC Logo
Most Popular
Hayden Panettiere, Actress on 'Heroes' and 'Nashville,' Dies at 36
David Ellison Says He’ll Pull Paramount Out of California Starting Oct. 1 if States Refuse to Negotiate Settlement in Antitrust Suit
Nancy Guthrie’s Disappearance May Have a Chillingly Simple Explanation, Forensic Psychologist Says
NFL Team Values 2026: Cowboys Lead at $15.5B, Average Up 31%
You May Also Like
New Balance’s Enduring Low-profile 327 Sneaker Just Got New Cow Print Makeovers and They’re Available Right Now
5 days ago
Fashion Loves Food 2025
10 months ago
New Digital Product Passport Pilot Aims to Give Denim Suppliers a Competitive Edge
3 hrs ago
Kushner’s Lakers Deal Isn’t a Hedge. It’s Another Bet on AI
3 hrs ago
Mary Heilmann, Influential Abstract Painter, Dead at 86
2 days ago
Subscribe
Customer Service
Customer Service
WWD
About Us
Advertising
Subscribe
WWD FAQ
Digital Daily FAQ
Accessibility
Legal
Privacy Policy
AdChoices
EU Privacy Preferences
Terms of Use
California Privacy Rights
Your Privacy Choices
Follow Us
X
X
Newsletter Sign Up
Your Email
Subscribe
Subscribe
By providing your information, you agree to our Terms of Use and our Privacy Policy . We use vendors that may also process your information to help provide our services. // This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.
Have a Tip?
Send us a tip using our anonymous form.
WWD and Women's Wear Daily are part of Penske Media Corporation. © 2026 Fairchild Publishing, LLC. All Rights Reserved.
本条目归入「Consumer Trends」垂直，涉及真实话题：luxury、consumer。
· 市场：关注 luxury、consumer 对相关品类与竞争格局的潜在影响。
· 消费者：受众行为与偏好变化值得追踪。
· 品牌：本动向对品牌资产建设的启示。
· 渠道：内容分发与触点组合（社媒 / 电商 / 线下）的协同值得复盘。
· 核心话题：luxury、consumer。
· 可思考：如何把「luxury」的洞察，转化为可衡量的内容与增长动作？
面试中可引用「In Luxury, Megabrands Still Have the Upper Hand: Bernstein」：围绕 luxury、consumer，说明你对行业动向的判断与可落地动作。
本条目相关英文术语可在「商务英语」模块按话题检索，用于外企面试表达训练。
In a research report issued Monday, Bernstein analyst Luca Solca argued that “the risk that children will want to define their identity differently from their parents — and therefo…
“Across consumer categories, the biggest brands are losing share to more nimble, niche challengers, who leverage the lower barriers to entry and take advantage of the changed consu…
Analyst Luca Solca argues that scale still matters, though the challenge remains "second-generation luxury consumers."…