In Jean Baudrillard’s theory of hyperreality, symbols replace real experiences—a notion that mirrors today’s luxury industry. According to an opinion piece on Business of Fashion by Eugene Rabkin, once defined by craftsmanship, luxury brands now sell stories, often cutting corners on quality.
The end of luxury
Said comment has been echoed throughout the 2020s via a number of social media users who are customers of these companies. Luxury fashion YouTuber, SuperDacob has mentioned this several times and is regarded to have coined the term “The End of Luxury.”
According to Nikkei, a number of major luxury brands have pulled out from department stores in regional Japan and are apparently being replaced by Coach.
Consumers apparently unhappy with new inflated prices
Post-Covid, consumers are pushing back against inflated prices and declining standards, as scandals like Dior’s sweatshop bags, Loro Piana’s alleged labour issues in Italy are making customers slowly think twice before spending thousands of dollars on an item from these companies.
Amid economic uncertainty, it remains unclear whether these brands can forge a recovery. Once a consumer’s trust is broken, it will take years or even decades to recover.
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