Luxury Industry Loses Billions! Is the Luxury Bubble Bursting?
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- เผยแพร่เมื่อ 4 ก.ค. 2024
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I went to Dior today. They barely let me in. But I was not allowed to spend the waiting time looking around. Ok. Bye.
Next: Jimmy Choo. The saleswoman didn't pay any attention to me. Has a lady who came in after me warmly greeted and served. I stood there with a shoe in my hand as if ordered and not picked up. Ok. Bye.
Next: LV: the clientele was like in H&M. Then I started to think "what are you doing here actually...".
Next: Hermes: waiting time 40 minutes and then it dawned on me: I've had enough of these brands.
Hermès is really annoying, I walked in and just wanted to ask if they had a particular item in stock (24 Faubourg EDP) and I had to wait in a digital queue for that. They asked for my phone number but said that I cannot leave the store if I want to remain in the queue. Makes no sense whatsoever, when they have my number, they can text me. If I'm waiting 20 minutes they can wait a few minutes for me to walk back in. So I just ended up leaving.
@@algebraist1997 That is so annoying. Have you ever called before arriving and asking over the phone? I've done so and they got to me right away. They will NOT be putting me into any queues simply for wanting to know if something is in stock 😂
Come to Nordstrom rack! Lol we got you! Service still matters to us in the bargain stores.
You have summed it up so well Emma. It works for me since a while now only and only if I make an appointment days prior to coming into the boutiques… its become that intense… 🥶
@@algebraist1997 They do that to make their brand appear exclusive. It's ridiculous.
The luxury industry needs a reality check. and the client needs their power back, so this is a good thing.
I agree 🥰
I like this perspective 😊
Completely agree
I worked for a label owned by LVMH and had fantastic results with my department, in charge of the ready to wear and the higher end fashion show collection with dozens of staff. I took on more and more responsability, they gave me the menswear to control after the big show collection so I asked for an adjustment in my title and salary, normal. They said that I couldn't be made 'director' and my salary was as high as they were prepared to go for this position. Two days later I was 'summoned' and my boss said that Bernard Arnaud, seeing my results and being very pleased with me offered me the chance to PURCHASE stock in the group. He handed me a file saying what a great honor it was for me! After a couple of minutes pause I said 'so not only are you NOT going to give me a correct salary but you propose that I give you BACK some of what I already worked my ass of for in order to be a shareholder' ? He was stunned, the HONOR was not seen as such. I got up and left.
Wow. The audacity! I had to re-read what you typed because I thought you meant to say they *gave* you stock in the company. Anyone with a brokerage account can purchase LVMH stock! Very sorry that happened to you!
The HONOR of owning luxury is bonkers. It's time for us middle-class shoppers to recognize the BS and value OUR worth.
Everybody's losing billions and I'm like "Super Dacob's hair sure is lookin good today" 🤣😂
Right? 😂
Thank you Elizabeth 🥹🙏🏻🥰♥️
I was in a high end department store last week. Tried on a ton of bags inc YSL, Gucci, Givenchy, Prada - and when the best leather I felt was Coach - why would I buy the bags that cost 3x as much? I have bags by those brands but these days I’m buying contemporary.
I have no problems returning something that is defective. These billion dollar corporations can afford it. I’m also not gonna beg a sales associate or anyone for anything. If something isn’t available then I guess I’m saving money by not buying it. 😂
Healthy approach 🥰
“Who are you to the brand? What loyalty do you owe them?” Facts!👏🏻👏🏻👏🏻
Right? Yep 👍
It's awesome that you keep encourage the customer to take their power back, and be more sensible in purchasing luxury items. Good work Dacob!! Kudos to you 😊
these luxury brands are like a bad relationships, you crave to be treated badly. You are amazing, but those people don't understand the marketing they do.
Oh yes, its quite the toxic relationship in my eyes too.
Chanel just reported another record-breaking sales update. Guess Virginie and the poor quality will never be corrected as long as we don't react with our wallets
They’re using cheaper materials and the craftsmanship just isn’t there anymore but they’re charging what they’re charging, yes it will be record breaking sales numbers for Chanel.
Exaclty that jrdvd 👍😉♥️♥️♥️
“Offer” I’ve been saying the same thing. If you offer something to me it is free. Thank you for saying this.
Yep, an offer is an offer. I agree 🥰
With all the layoffs in big tech companies, upper middle classes definitely are cutting luxury expenditures. But for rich people, luxury expenses are similar to merchants in Target.
Stock markets go up and down all the time. The tech companies lose billions and then gain it back all the time. People are also looking at the debt ceiling issue in the US. I was shopping this past week in NYC. The luxury stores were very busy. Lots of lines to get in. LV, Chanel, and Hermes are still hugely popular.
Lines for luxury shops in NYC are most often due to shortage of or planned short staffing of SAs
NYC stores are always busy though.
@@RubmaLione Yep and not necessarily with locals too.
We're sick and tired of the sky high prices and crappy quality. We're done and buying vintage!!
Truth!!! I'm sure these companies hate the trend of quiet luxury happening right now.
Without logos many of these brands have no chance these days at making good profits…
But you know what "quiet luxury" is just another way of getting your money. It's bs.
This tells us that we (normal peasants) need to keep a nest egg for the future.
It also tells us that we do have power after all. Our money is our voice when it comes to big corporations 🥰💖🌅
These brands are also failing when it comes to training of staff and don't like to have educated consumers. I walked into Versace last year and I saw all the tailored jackets buttoned on their hangers. Anyone with basic knowledge knows that will deform the jacket over time as it is designed to be buttoned against the curvature of the body. When I ask questions about whether something is half canvas or full canvas, unless it's a brand specialised in tailoring (e.g. Isaia), they usually have no clue. They hate it when I also read manufacturer labels to check the composition of fabrics before purchasing. They'd rather people were clueless.
I need a class on what your describing so that I don’t buy faulty material thinking it’s okay because it’s out of a luxury store. 😅
The super rich don’t even buy these brands. If they have them, they use their stuff.
I think so too, unless there is a collector in the midst..l but not everybody is a collector.
Bubbles delivered with that background❤ looking gorgeous sweetheart. And once again this video is ON POINT!
Thank you H. A. 🙏🏻♥️🥰
It really is starting to feel like a cult. I couldn't help but roll my eyes at the person in your comments who tried reprimanding you for speaking out about Chanel's horrible quality. Like, why are they defending this corporation? LVMH/etc wouldn't even spit on you if you were on fire let alone sell you a bag unless you were on an artificially made "wait list".
This comment! Yes!
excessive spending happened during the covid lockdowns and all. due to buying so much stuff during those times, people realize they have to cut down on these luxury spending. i mean, you can't keep on buying things. there's not enough space anymore. and people want to invest on other things (like, travel).
So true. The space is very low… it ran out basically in many cases…
This is a very intelligent analysis and dissection of brand marketing amongst luxury brands. Absolutely agree with you the notion of feeling ‘lucky’ for being offered a bag that one actually pays for- almost always at ridiculously high prices ought to be re-evaluated by luxury consumers.
Exactly. It's so fos it's ridiculous .
This news makes me smile 😌😌. The LVMH’s CEO is currently the world richest man. The stocks sell offs was prompted news of global recession. The US Federal Reserve just warned recession starting as early as third quarter in 2023.
I’m just glad that these fashion houses feel the pain. They inflicted wounds on their clients after many constant price increases.
Thank you for spelling it out. I could feel myself get sucked into the FOMO and I was like… no no… I’m good… right? Needed to hear this message.
We all needed this message Katie ♥️ I need it too on a daily basis cuz I am also susceptible to fomo 😭♥️
With new cloned fakes and vintage and second life now, these labels have to adjust their strategy.
Yeah now they're calling it "quiet luxury". Such bs.
You are absolutely right! They are playing with our minds to die in debt! Yes! You are predicting us middle class consumers. But I stop with LV. I'm starting to buy affordable but luxury products without these brand.
Cuz they do not care for our well being and the law makers also do not care… we should have laws in place to protect consumers more 🥰🥰💖💖💖
Looking fabulous and bringing all the luxury tea👌🏽👏🏽👏🏽👏🏽👏🏽👏🏽❤️❤️❤️ Dacob is definitely needed in this community.👍🏾
Thank you so much 🥹🙏🏻♥️
I have a nice luxury collection and I’m good. No desire to buy anymore of that shit. And with the stupid Quiet Luxury wave…I’m going to stick with my already simple pieces that I have and I’ll fit right in….effortlessly. Anything new will be from Zara, H&M and Gap and even ol’ Marshall’s.
This is the real tea. Leave it to Super Dacob to find the truth!!🏆allegedly
Thank you so much iyamom 🥰🙏🏻💖
The stock markets fluctuate a lot, I wouldn't be surprised if Luxury industry shares go up again in a few weeks, and everyone recoup their losses or even make gains.
However, you've made some very valid points, and I hope you're right, because I really think big brands need a reality check and a kick up the backside.
The complete lack of respect they show towards consumers, in their marketing, in the way their staff are trained and managed, and in cutting corners and quality of their products. This crabby attitude to business isn't going to work going forwards, people are waking up and standing up for themselves.
According to Astrology, we are currently moving into the age of Aquarius, and Aquarius is about innovation, initiative and acting in the best interests of the collective. This move of ages is a slow process, but nonetheless, businesses aimed at profit only will have more and more problems.
Great points Ghislaine. Lets hope the dawning of the age of Aquarius does remain just a lyric from a Song but that it turns to reality 😉🥰🌅
LVMH wanted to build a luxury hotel on Rodeo Drive but it was just voted down
Dacob, the number is correct, the loss happened. However some perspective. The selloff or stock value decline was under 5% for these companies. However, the companies are STILL up over last year. After the 3% loss at LVMH, it is still UP 25% year to date from 2022.
He mentioned that in the video. I'm hoping this is just the beginning. Though it's hard not to be profitable when you're overcharging on declining quality products that are paired with constant price increases.
Thank you pa 🥰 I did mention it in the video. 🌅
Really great video dacob! U are spot on , we are nothing to the brands we are just the MONEY!! And omg the word "offer" I agree🤣🤣🤣🤣
Hey Mel 🥰💖♥️ thanks. 🙏🏻🥰 Yep, we need to take our power as consumers back in our hands and find happiness without always falling victims to these brand marketing fomo and fopi ploys. 😉🔆🔆🔆
@@SuperDacob other thing as well is people should consider preloved as another way to stick it to the brands. Of course doing so carefully to protect themselves etc. because this whole bs of needing to be "offered" by an SA who chooses if you are high enough on their list or whether they like you or you spend enough is just ridiculous, that's playing exactly into an elitist mentality . We shouldn't be giving them that power; well frankly we have and it needs to change.
Cue up a depression sprinkled with policies and attitudes by brands and employees to buy their products and frankly people are over it. I predict smaller brands and artisan products will become way more popular.
I saw yesterday at my friend Pochete Mettise in black leather just 3yr old and bag looked so old like nothing I saw in my life…not even a midle school backpack wasn’t looked so warned and destroyed. 😢 so bad quality
The stock market is always fluctuating. My take is that I don’t think this article took into the consideration that the drop in the market may also have to do with the US debt ceiling discussion or lack of direction. It ain’t just the luxury industry but other industries as well that aren’t performing. If we are looking at their yearly financials, they aren’t hurting.
what a beautiful bubbly background
Thank you kissi 🙏🏻🥰
Tremendous thumbnail
Cheers mate 😉
@@SuperDacob 🤣🫂
This is why I shop at brands that actually value customers, like Celine, Prada, YSL, Loewe, Ferragamo, etc. No waitlists for the most coveted items, sales associates are super nice, and quality is top notch. Even Dior Homme boutiques are fantastic in comparison to the women’s boutiques.
I have had mixed quality service at YSL throughout the years but in general good service. 💖
By the way, I checked the German LV online shop, most of the Nevefulls are still available, so I guess , we in Germany are not buying this discontinued crap!
Waking up & stopping due to quality issues. 😅 thanks for sharing my love. 🙏🏼😘😘😘Sandy
Yes, we are definitely waking up 🥰🙏🏻🌅
Hopefully, people have realized that it is stupid to spend big €€€€ for an LV or Chanel etc etc....BUT 2nd hand , preloved industry is boomingg!!!
Yeah sure but those prices are so ridiculous .
Time to make Dacob CD OF LVMH
Monogram would be back center stage 😉🥰
IMO, flaunting/flexing luxury bags etc is crass and passé. These brands have created a level of consumerism that's ridiculous. It actually sickens me. There is so much that could be done with the money that's spent...imagine how many blankets, ( for instance) that could buy the homeless. I would be so much more impressed by that sort of gesture, than the latest colour of their 19th luxury bag. Vivienne was very wise.
Rant over 😊. Love the backdrop, Dacob.
This is why brands prop up people like the Kardashians even though they are (finally) becoming irrelevant. It's really that family and the growth of the social media influencer that has helped consumerism flourish in the nefarious way it has. I love Paris Hilton but the damage she has done by saying she never wears things twice was the Pandora's box that is destroying our planet and mindsets.
@@pa5666 Agreed...insta/socials, has/have a lot to answer for.
Why is it an either or? People can donate to charity, volunteer, AND buy luxury goods. In fact, I've known plenty of wealthy people who do all of the above.
@@antoa5825 I didn't say "either or". My point is...who needs that many bags?... it's just for show, most of the time, to impress others. I too, have wealthy friends who donate and volunteer but don't feel the need to flaunt their wealth.
@@bernitajenkins3180 Wealthy people are not "one size fits all". There are multi-generational families that wear Chanel and name branded items, there are new millionaires that dress conservatively. Everyone is different. We need to stop judging people for what their preferences are and mind our own business.
What’s behind LVMH losing billions of $, just like what happened to the real estate market in 2009 bubble 😮. Look what’s happening to America, it’s unknown. What are you gonna do with all the bags, people realized they need to set up their priorities. There’s so many reasons WHY?
You are absolutely right! Thank you for a reality check ✅
Love Vivienne Westwood! Intelligent designer with artistic flair. ❤❤❤ For todays world, go independent ! As soon as shareholders are involved, creativity is compromised, if not straight away then at some time down the road imo
You are always telling the TRUTH. I thank you for it Dacob xxx
Very well said. That's exactly what I am thinking about the psychology of luxury spending
I can just imagine shareholders opening up their new Chanel purchases and seeing the bonded leather. Getting on the phone and be like, sell all my shares NOW. Gossip travels fast, people 😂😂
I totally agree with you.
Thank you 🙏🏻💖
I really love your content Dacob👍 spot on
So pleased to come upon your vids
The question is, did LVMH not make much money from the first Kusama drop? Secondly, will they drop prices?
I think limiting the NF is taking a bag that the ultra rich don't want off the market because the "little people" will no longer be purchasing at the same rate given the economy.
The psychology of how these luxury brands have gotten people to beg them to spend money with them and feel grateful for it is fascinating.
Shareholders looking at the big picture seeing a decline - or as you say perhaps the bubble bursting.
Chanel's record turnover of $17B had me shook 🤯 The power of this brand is absolutely staggering really 😂
These price increases really are serving their purpose. I can't help but roll my eyes at them.
Chanel is crap.
As a German I have to say: stop the Deutsche Bank bashing 😂
They are always in the news, cause they used to be one of the worlds biggest finance institutions and are internationally relevant til this day 😅
12:58 omg so funny because my other recommendation on this video was for an hermes unboxing!
You have some of the most fresh and interesting and variable content in the luxury community Dacob....Bravo!
Been lurking for months!!...but finally pressed the button and sub'd! ❤
Thank you for subscribing to my channel reahndaku 🙏🏻🥰
Have you ever considered a carreer as an analyst? You would nail that one💰💶😊
PS:
I want you hair!
Thank you Marit 🥹🙏🏻🥰 well I analyze here on youtube for us consumers and I share my experiences and opinions and I learn a lot from my viewers. We share great information. I love our community here. ♥️🥰
@@SuperDacob you have such a sharp mind and understanding of how things work, your channel just stands out of the crowd❤ What are your thoughts on the Muglerxhm bag? I must admit I bought the corset blazer(it is stunning on) and a pair of the mens trouser. As I am tall, they fit me better. I would love a video where you rank the top luxury brands. Service, quality etc,. That would be fun😀
it is borderline illegal. the hermès model could be considered "linked purchases", which is illegal in many countries. in brazil, it became so serious that the supreme court ruled that cinemas must allow people to bring their own popcorn because, otherwise, we would have mandatory linked purchases of movie tickets and food. don't let the know that you must to buy €10000 in mugs and pillows so
you can have the chance to buy a bag.
Manufactured FOMO via the luxury brands
It sure feels that way to me.
Theyre playing dark psychology on consumers. Hermes does it the best and I think other brands are taking note.
Very interesting topic. ❤
Thank you 🙏🏻🙏🏻🥰
Yes, the stockholders would pull out while the getting is good. At what point will stockholders decide to re-purchase these stocks?
Dacob keeping it real 💜
Always 🥰🔆
Hi Dacob
This is good content that you sharing here
I already turn away to pay my interest from luxury brand but focus on how could I build an access to my future
♥️
any links to the articles you mentioned? was trying to google but the search results didn't show the ones you quoted...
TH-cam keeps deleting links cuz they are external but one is from artnews and the other one is from business insider
The more Economically sensitive aspirational consumer, yep that's a cover up if ever I heard one. Equal in the word jargon world to the super wide granny tent swimsuit coverup. Could have a whole busineas suit or could be naked under there, and no one could tell...😅
But I agree with you 100%! it makes me cring that luxury is a toxic relationship. 'Comply with all my demand and be grateful for anything I drop your way, only my reality counts'
Translated into the bag world its... buy a bunch of stuff you don't want to get on a waiting list, just to be offered a bag in the color, size, and harware you didn't prefer at 20x it's value and be grateful we let you buy it.😮
You look good today 🫶🏾
Thank you 🥰🙏🏻🌅
All the same brands everywhere from London to Zurich, Bangkok to Bali why's anyone going to buy when it went so common ?
Voice of reason, finally!
Thank you jdmom 🙏🏻🥰🌅
cool background!
Thank you Tom 🙏🏻♥️
Hurra!!!!
I refuse to wear logo of any kind when it comes to high end luxuries. I find it so distasteful and classless.
Dacob do you also think that maybe 1 of the reasons is their switch from monogram to leather?
It could be too. But you know how they are… they seem to keep all the information always very secretive…
6:05 someone go protect Dacob, cause they might come for him...
If I disappear over night, you know who dunnit…
I'm not a bit surprised. We probably hear this because what's REALLY Behind the downfall. I'd heard this would happen for a few years now... was hard to believe. Soon EVERYONE will know why the quality is down and the prices are up.... it's a great reason. I will NOT be Controlled. It's interesting how YTbers shadowband truthful comments & act like no one know they've done it. Keep researching & sharing Truth Dacob.💛✨️
Shhhhhh on that island. 🤫😉
As always, loving your fresh perspective Dacob. Maybe time to do another no buying luxury for a year boycott? Loved your vintage pieces you shared during your last.
Thank you so much Princess 🥰 So I have slowed down immensely my new purchases and have started my vintage hunting again and I show a few vintage pieces in each livestream since a few streams now 🥰🥰🥰
@@SuperDacob Oh so excited to see your vintage finds! Will have to look into the last live streams I've missed
Everything has gotten stupid crazy increase I’m done with it
Its definitely gone out of control
YOU ARE CORRECT, US MIDDLE CLASS ARE SICK OF LV , THEIR QUALITY SUCKS AS WELL AS THEIR SALES ASSOCIATES ATTITUDES.
Bravo 👏👏👏
🥰🙏🏻♥️
I'm afraid lawmakers do not have the motivation to protect consumers from brands' manipulation. If the manipulative tactics continue to bring the luxury industry money, politicians and legislators may get a slice of the cake, right? Big companies have lobbyists.
Well if an asian guy like me from a developing country can buy a city keepall with my bonus they gotta start gatekeeping their exclusivity. I guess.
AMEN Dajob..........Karma is happening as we breathe. Americans cannot afford luxury right now, we are dealing with sticker shock on everything. I just got my homeowners insurance bill and it just doubled from 2022.
You are so right this is so true and 100% bs
Thanks Stephanie 🙏🏻🥰
Hi hope so
👏👏👏👏👏
♥️
No wonder the new generation is buying fakes .who wants to play the games of these luxury houses .
Can somebody tell me what the word fomo means?
Fear of Missing Out
@@skyblue5800 thank you
👏👏👏
💖🥰
Vintage baby. It's more interesting and the quality is better. When the new designs are boring, quality is crap but somehow the prices are bananas, and the staff makes you feel like trash, what's the point of buying new?
The bubble
Will never burst like JerushaCouture says ! These companies are power houses and people will always want them . I was in Greece and the lines we’re huge !!!!
The luxury bubble is very much related to the crypto bloom. In the past few years , lots of people make lots of money 💰 on crypto, they converted into luxury goods. Since you cannot really touch and feel bitcoins, a Rolex gives you the real feeling of money and value. So when the crypto goes down, the LVMH goes with it…
Chanel makes record profit, it is because the rush buying before the price increases.
something that really worries me: racism. if a SA can decide without explanation whom she gives a bag to, how do we know that such SA has no bias against black people, asians, muslins, overweight... etc? and who has the power to check it?
I don’t think the global luxury economy is dependent on the never full
Nobody said that.
How much of that money was Bernard's own selling ? LVMH was breaking records all around, am sure he sold some off! and the rest of the world best hedge fund managers followed.