The Luxury Industry Is in Trouble! Fashion Insider Gives a Gloomy Outlook While Stocks Are Crashing!
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- เผยแพร่เมื่อ 30 ก.ย. 2024
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In addition to the points you covered, I think the other issue harming conglomerates is that their goods increasingly feel like mass produced stuff. The products feel as disposable as regular goods. The most notable thing about an LVMH brand is that it never goes on sale, despite LVMH churning this junk out year after year.
If you want something special and handmade, you need to look at small, independent brands.
Oh….Dacob…you are so on point with this posting. I find it hard to watch nothing but unboxings. I find it tone deaf….and so not authentic. SO many people are going to and are already in the poor house trying to keep up with these so called “influencers”. I do think next year will be a blood bath for luxury retail and we are now only seeing the tip of the iceberg. Please keep sharing your thoughts and information…it is one of the few channels I watch regularly. Cheers!
absolutely agree 👍
Thank you so much dear. 🙏🏻💖 will keep working on this topic 💖
Oh my god yes!! i agree with you guys 110%!! plus notice how luxury brands are now starting to be more like fast fashion? Luxury's original purpose was to be passed down from one generation to another. Now its like from season to season. As always, your content is really good.
We were in London last week and we visited Harrods to realise that we don't actually need anything. I felt like my husband and I, along with the shop assistants, found ourselves alone in the entire store. We wandered through empty Luxury Clothing departments in the middle of the day on a weekend when London was incredibly crowded with people and new seasonal clothing collections were plastering all the shop windows. In Harrods the clothing and shoe and accessories departments were yawning with emptiness. In the cosmetics department, people were milling about, and here and there I saw someone smelling something or trying on perfume and makeup samples. I think people are very aware of what's going on in the economic market. And they're not spending like crazy anymore. Nobody can spend anymore on luxury things, which often the quality doesn't even reach the cheap products. And to the people with the constant "unboxing..." I just don't believe.
Wow. I lived in London for a time some years back and Harrods was always busy. I didn't buy anything, I just looked around and was at awe at what people would buy and what they could afford. I never remembered a day like the one you described.
Mel in Melbourne and Charis LVLoverCC spend so much money it’s mind boggling.
100% thought about these ppl. Never watched their videos but the thumbnails alone are ridiculous
This is a brilliant piece - Super Dacob, you aren't just a fashion content creator, you are a Cultural Commentator who is documenting living history, changes in culture and who we are as people etc. Your channel is more than fashion, it's culture, truly. There is intellectual and soulful depth in your commentary of the times we're in. Love your humour too, thank you for your work at this time - it's real and it connects with real people.
So true Jim Cramer should interview you
Thank you so much svatisingh1 🥹🙏🏻💖
So on point this comment
at this point, it's a privilege not to spend money on these luxury goods 😂
Bingo! 💖
Haha
It feels really good to not spend. At this point I feel weighed down by all my luxury bags.
@@tippytoe1250. Enjoy them! This was a special time.
One needs to search out smaller, independent brands, that usually have higher-quality merchandise and way lower prices and stop basically supporting the high-end designers if one isn't satisfied with the product quality. As the saying goes, "If one continues to do the same thing, then one can usually expect to get the same result." If consumers aren't satisfied, then they need to change their shopping habits.
When I was a child, and I'm in my mid-60s now, my mom always said to buy quality. She still says it and she is only a few years from turning 100.
And as far as designer items, many of us buy them, from time to time, but one needs to be very discerning as to what one buys and also wake up and realize that designer and high prices doesn't always equate to high quality. And as my mom used to say and still says, most of the time one is only paying for "name" and not necessarily quality which she's said since back in the early 60s regarding some items.
As much as high-end items are mass produced these days, due to high demand for certain items, a lot of time quality standards can't keep up with the fast, mass production of items. But, the companies still have the nerve to do ridiculous price increases as much as twice a year and expect the consumer to be fine with it. Are they increasing the salaries of their employee workforce twice a year?
Greetings from Los Angeles.
Great points raised d.y.e 🙏🏻💖 it feels to me that most brands just went over board with over production and hence now cannot keep up with quality control as well as supplies of quality raw ingredients. Allegedly.
Yes I have been buying more from small brands who actually produce handmade products even if I have to wait months for an order because why there’s only one or two people in production lol and you’re right the quality is actual luxury, quality and less then the big fashion brands
Dacob, this video had got me feeling all sorts fired up - in a good way ! I truly enjoyed your perception on this topic and it has made me question everything we as a society are exposed to as far as marketing, consumerism, luxury, shopping, etc...
I too have wondered "how do these TH-cam gals and guys have all this disposable income for all these hauls .. where did I go wrong In my life where I am not on that level ?" But I think you're right : their spouses and even they themselves are "dealing" or charging everything on credit and the List goes on.
Thank you for this very thought provoking conversation! You speak what others are uncomfortable speaking about. You are not delusional and are open about falling into the hype of these brands and I, as a dedicated follower of your content, respect and love you for that! ❤
Thank you so much mscourtney 🥹🙏🏻💖🥰🌅
Thank you for your time and information ❤
Really appreciate and enjoy when you talk about these subjects 🙌🏼👏🏼
Thank you so much 🙏🏻💖
Why do you think there has been these price increases? At a time when economies are crashing, luxury brands decide to increase the prices of luxury goods when it is so cheap to produce these products.
Unpopular option - the pandemic unfortunately is not over and it’s effects will continue to be felt in the workforce as long as it is swept under the rug bc “the economy” 😢
That is definitely also still happening and also being used a lot as an excuse by many companies to justify why they are not delivering products on time or why the quality is lower and so on.
@@SuperDacob yup… oh and why even groceries are still so expensive 😫
@@mariax876 don't forget as well that there have been multiple crop failures year over year.
The price increases and mass production have been due to the rapid growth in China. The Chinese market have slowed than expected so profit will not meet expectations. In the west the consumer is now determining value of products and to some the crazy prices are not worth the product. I believe most of these brands have overpriced themselves out of the market to the point they need to restructure to be successful in the future.
But do you think they will ever lower their prices on their classic pieces?
Spot on. Thank you for this video Dacob!
I feel that the only way to obtain at least some kind of luxury (the kind lacking the luxury purchase experience) is to buy vintage and tlc the pieces myself.
Thanks Anja and yes, its either vintage and research about authenticity or new but then research about current brand quality and what is actually a classic.
Amen, tell it like it is........I have been saying for several years now that everything has become a scam, you have to look for the spin that we are being fed. Luckily the younger generation is not buying it, I try to give my 21 year old niece who is studying engineering at Carnegie Mellon some of my loved luxury items and she has no desire for them. She would rather I give her food delivery service!!!!
It's rather ironic because fake luxury bags are better than ever. The ones I have seen have stitching just as good as the authentic for 3-5 percent of the authentic price. I used to be very anti fake. However, I discovered how obscene was the markup; that is, a bag that costs 200 to make sells for 2000 and upwards. That is an insult. And the profits go to mostly CEOs, like Bernard Arnault. Can it be argued that it is more ethical to buy a fake and then donate the amount one has "saved" to charities like Doctors Without Borders?
Yup to it all! 😞 Great breakdown of what’s going on.
I just got a [loyal customer type] private offer from a department store that sells Kering and LVMH brands - a sale on brands that don’t go on sale (anymore), especially the new bags. The stuff that’s included…😗 Something’s up for sure! I’m sure some of this crowd got it too.
I have some wonderful SAs and hope they don’t get crushed in this mess! It’s always the little guy taking the hit when a company/industry flounders.
Oh yes, its always the little guy taking the hit in these instances. Its quite sad. Things are really ripe for a change in my opinion.
Dacob, some of the preloved Birkins and Kellys in Japan are being sold wayyyy below the price of ‘em brand new. These are ‘very good condition’ bags, mind you.
Before the pandemic, loads of ppl would flock to Japan to shop the preloved Birkins and Kellys and other luxury handbags. And, now, where are they?
People should not need Tik Tok to know that marketers are manipulating us. Also, some of these brands need to step back and realize their time has come and gone.
Thank you for doing this. Everything, everything has passed through quality control without anyone so much as even taking a glance at it much less inspecting it. I am glad I'm not alone in this observation. 😔😔😔
Some brands even dismantled entire QC departments in the past years.
honestly i think so. So many luxury products are so massively reproduced that some of those brands like Gucci, Louis Vuitton, Chanel, Dior to me no longer feel exclusive. When i see someone with an LV bag i say to myself hmmm probably a knock off, instead of thinking is the real thing. When i was in Florence i saw so many beautiful handbags, done with quality leather, beautiful designs at the fraction of the cost that i now believe those who buy LUXURY goods just want to impress others. IMO. I want to clarify i know people who buy them because they are collectors but some of them are even saying they will stop spending so much money on goods that can be duplicated to death.
Definitely in my opinion the only extra luxury these brands have left to offer are the exorbitant prices. Thats all they have left to demonstrate their high level… just the high price. Everything else like quality, quantity produced and durability are no longer offered in my opinion.
$300 pants and the whole waist stitching completely undone
Thank you sooooo much for bringing these uncomfortable topics to the forefront!! Personally I also think this also applies to all luxury including these so called “quiet luxury” brands.
As you noted, this applies to everything that we consume eg food, necessities like water, healthcare- when will it end.
I also stopped watching/unsubscribing to these luxury channels where they litterally have clothes/luxury hauls every day at this point. I also understand the other argument which is that “luxury” is a form of escapism. But this content just doesnt jive with the current reality of the world. I respect you for your honesty and directness. I appreciate more if someone said, yes i had to cut back on some of my spending, saved this or just bought it on my credit card because I didnt have the funds on hand
Thank you mericmt 🙏🏻💖 thats what we lack the most in the media these days: honesty. 💖💖💖
Well these brands are just history repeating themselves these European luxury houses ALL hit a breaking point with the original founders with over exposing their brands LV,Gucci,Chanel,YSL, etc all hit bad points before they were purchased by corporations. Now the conglomerates are doing same game plan its not appealing to fashionista it’s appealing to hypebeast who arent really fashionable and want huge logos. They don’t care about heritage,quality,etc just a name ( designer bag with she in outfit) they wont invest into the fashion houses when you appeal overly to this demographic your going to overexpose yourself. As someone who has understood and loves luxury I notice the material cheapening of materials and corner cutting. I have gotten into more bespoke and small designers that still care about their quality, hand made etc dont have 2000 boutiques globally
Here to fight that algorithm, but also to say this is a very, very interesting topic. Thank you Dacob for all the work and the quality content, much appreciated. You look gorgeous :) have a great day dear.
Thank you so much NinaNina 🥹💖🙏🏻
hush hush!!!! only we know about this, rest of the world is still shopping!!!
😂😂 shhh 🤫
Thank you Dacob for educating us and your analysis! So true!
somehow your videos are not showing up on my page i had to go look for you 🤨 always love your commentary!
Thank you so much 🙏🏻💖 and have you pushed the notification bell and activated all the options? 💖 TH-cam seems to be messing up a lot lately…
hmmmm!! times are changing thats for sure! especially after the pandemic it feels like things changed drastically!
Things changed and we have evolved… but quite a few content creators have not budged an inch from their stubborn ways it seems. Lol.
I think they give us B-quality and keep A-quality for themselves.
Love your honesty! And this is my feels exactly! I work and got a raise even but still cant afford luxury and even in that scale that some ppl have $100 000 worth of bags in their closet is insane without being a millionaire.. anyhowww love your content😍
What a great discussion… thanks Dacob xx
Thank you Aysh 🥰🙏🏻
You are so ✅️. Thanks for the good topic today. You always remind not to spluge / slow down ... .
Thank you and yes, buy less, choose well, make it last! Vivienne Westwood said best 💖💖💖
Yes! Thank you! Preach! You are on point👊
Thank you 🙏🏻🥰💖
Omg I’m exhausted listening to the list of faulty goods. You must be super extreme exhausted running back and forth returning all this… ugh. I work in retail and I’m telling ya, the stuff is garbage. We all look at the cute sweaters coming in and wanting to buy them but don’t because we can see they are gonna ball up after 2 hours of wear. Frustrating.
Yes my dear, I am exhausted. Its a vicious circle and it suck up so much energy and positive vibes. 😭😭😭
@@SuperDacob don’t let it suck up your positive vibes. You seem like too nice of a person to let that happen. Not surprised about your recent lv purchase not being up to standard. I heard tons of complaints when i worked there.
And this is why you’re the only luxury fashion TH-camr that I watch anymore, Dacob. You are the only one being real with us and we soooo appreciate you!!! Thank you!!! 🥰
Thank you so much Rachel 🥹🙏🏻💫🌅💖
I am thinking some others are starting to wake up to what is happening. But still, I saw a video the other day of a woman that saved and saved for a high-end brand bag. She went to the shop where she could clearly see the stitching on the bag was uneven and the bag itself was uneven. She was shown another bag, and despite the fact that she was just shown a ratty made bag, she went ahead and bought the other bag. The fact that the first bag they showed her managed to slip through all inspections, including that of the shop itself, didn't seem to turn her off. She bought the bag and less than a year later it began to unthread. Anyway, apparently, she was still going to be loyal to the brand and I think it has become brainwashing to people. A certain name, no matter how poorly it's made, is expensive and if you want to be a part of the cool kid's crowd, you need to own it. Shell out your 10g's for a poorly made bag, just to own something that the rich people own. That all said, I think maybe people are awaking from their stupor.
Going public is bad for us! They would not at all be beholden to the consumer, only the shareholder, aka the owners. Next think you know they will be looking for ways to streamline and mass produce the product even more! What would that mean for us? Higher prices, lower quality, more slave labor.
I think they give us B-quality and keep A-quality for themselves.
If you look at companies like the Row, that charge quite a bit, around 4K, for a coat (and they seem to be doing well), the notable thing is that their focus is entirely on THEIR customer. Their customer wants something very specific and they deliver. I think that some of these brands are older and coasting on the prestige of their name or logo. It seems that the quality of the production has gone down. I don’t know I don’t regularly buy from these houses. Being a short and stout person, they don’t make clothes for me. I could probably buy a pair of their pricey shoes, but there are shoes that are just as good and more comfortable and don’t cost as much. I’m not a logo hound so I don’t care about having a logo. In fact I’d rather not have one. I think the Row is capitalizing on that.
Interesting that the Row is not owned by any of the large umbrella corporations, they are still a private company.
🩷💛 Thumbs 👍 up y'all!
Thanks so much 🥹🙏🏻💖
Dear Dacob - THANKS goodnes for you being YOU … refreshing !
Thank you irena 🥹🙏🏻💖
My understanding is that in China there is a huge deflation problem. Meaning that the money they have goes further for them internally sure, but converting to the dollar has not changed. They get paid less, sell for less, thier internal wealth is worth less is dollars even though thier internal spending power is strong. For the chinese buyer a 20% increase might be more like a 40% increase on top of the inflation of everything to go on a vacation.
I just found out all the brands LVMH owns, so that kills the idea of luxury to me. If a lot of people can buy the items, then is it still luxury (prices going up while quality goes down)? I don't want to contribute to the CEO of LVMH's billion dollar worth. He's probably laughing at us. My thought would be to buy vintage, furniture, handbags, (not mattresses - ha). I've also read that the handbags are made in China and then shipped to Italy or France so they can say they come from Italy or France and don't have to admit they're made in China. Companies like LVMH are what we used to call monopolies and weren't allowed, but now you hardly know who owns who unless you know to look it up and it's now ok. I even watched videos on larger appliances. None are made to last much longer than 5 years. They're all crap. Yet, you can probably find a fridge or stove from the 50s that's still working. Thanks for giving us all the info we could use to make smarter choices. I've watched a few of your videos before, but this one makes so much sense, so I subscribed.
I love your fancy schmancy backgrounds 😄🫣
I am convinced that high end brands that claim to be made in Italy are made in China and the only thing made in Italy is the label. It may be a legal way out, made in Italy...not specific as to WHAT part of the bag is made in Italy. It may explain why fakes are so much like the original. Anyway, just my thoughts and why I wouldn't buy any high-end name unless it was vintage. As for other stuff, yes, they are designed to break down. Most people don't return things because it's too much of a pita...the logic is, it was cheap to buy so why bother. We have become a race of dumpers. Keep the vintages. They were made to last.
Very very interressting! merci 😍
🙏🏻🥰💖
Not only the quality is gone, but It all looks the same, years ago you could say that each designer had differences and a different look, for example a lot of the designers are copying Phoebe Philo
They don’t even hide it, not only lux but normal manufacturers made us used to bad quality
Italy was hit hard and fast by the pandemic because there were a lot of Chinese there. I am curious if they work in the factories.
The experiences video is soo trueee
New generations want the experience n photo for the aesthetic
Dacob your one my favorite TH-camrs Darling but the LV on Rodeo drive wasnt LV branded it was their Cheval Blanc Brand hotel and it was the unions who ruined it stating that Beverly Hills should have more affordable housing if building such a luxurious property which is a joke but a whole other topic the city council wanted it there are quite a few articles online I was quite excited but LVMH said they wont fight it
Exactly, the white horse. And they are not fighting it because of money. Not because of morals.
best video yet .. they got to greedy with those massive price hikes its kinda dumb how they see this coming
Thank you!
💖🌅
That's what happens when luxury brands focus the mass and thus go mass production... prices soar yet quality drops.
Yep and they then source out production to countries with looser worker laws and lower costs as well as lower raw material quality and bit by bit the state of affairs keeps degenerating more and more…
Luxury is a scam if there is no European (Italian & french) craftsmanship
Great point for today’s fashion and accessory standards but if we go back thousands of years in time, it was actually China with their many dynasties that had the best luxury. Luxury that still today is sought after by American and European rich collectors alike. High luxury seems to go in cycles just like so many other things in life and the European dominated concept of ownership of luxury is exactly what is bursting at the moment because they just do not seem to be able to maintain the level of quality required by many clients in order for it to still actually be deemed luxury. But a deeper conversation and debate should be had about this subject because it is very interesting and complex. 💖
We are looking at you Balenciaga Chinese made sneakers
Your makeup is so pretty ❤
Thank you so much 😀 🥹🙏🏻💖
Yes! I need that lip color guuurl, what is it? ❤
Honest to goodness fact that was happening before our very own eyes…. thank you for illuminating us Dacob, always tell it like it is.
you nailed it with this topic👍👍👍
Thank you blanka 🥹🙏🏻💖
You forgot to mention the fact that most Luxury brands left Russia and they prevent Russian tourists from travelling to Europe. They were also big buyers of the luxury.
Thats all debatable. Have you seen Russian main cities lately? Not empty…
Made in Japan
ah well. :D
One thing I've noticed on jackets from so many brands (Versace, Dior, Givenchy at least for me) is that the buttons are never sewn on properly and securely. The hold of the button should last a lifetime of use.
So many brands have those issues. Its so annoying to me too.
I agree with you 💯
🙏🏻💖🌅
Thank you for putting the truth out there about how hard it is right now. I, 50, I make double what I made in 2019 (2 jobs) and I’m panicking and living the “put it back on the shelf, you don’t need it” lifestyle. Also feel fully stupid wearing my Gucci belts (even though I still do because they are high functioning workhorses) love your videos 💞
Thank you rena 🙏🏻💖 we are all in this difficult boat. The people making videos on TH-cam acting like nothing worse is happening with the economy at the moment are ending up hurting their viewers in my opinion. Its not serious on their end to say the least. But as always, this is just in my opinion and allegedly. 💖
Walmart was blessed by our Glam God Jacob’s presence ❤❤❤❤
Wugo wugo 😉💖🌅
Must see luxury video. I would love to see this topic on a spreadsheet. I would love to see the acclamation of all of these luxury houses on a timeline
Thank you leslie 🙏🏻💖 there is actually so much more to say and analyze. Its like an ever growing puzzle where the pieces keep forming and appearing bit by bit,
Thank you Dacob for another amazing video 🙏🏻💐🥺💕🌷
Glad you enjoyed it 🥹🙏🏻💖
♥️♥️♥️🔥🔥💋💋love your face and advice 🙏🏼🙏🏼🙏🏼
Thank you claudia 🥹🙏🏻💖
Great topic! Love watching your videos!💕💕
Thank you so much Justtiffany 🙏🏻💖
Your pink shirt is giving me life!! Wugo wugo
Thank you melissa 🙏🏻💖🥰🥰🥰💖💖💖🎀
I noticed many brands are going closer to their biggest market, making events in Asia, they are not coming to Europe so the Brand has to come to Asia.
Most of the money they are hoping to make comes from Asia and the middle East at the moment allegedly. 💖
thank you info you are killing with shirt love the shade it so true
Thank you dear 🥰🙏🏻💖
Great analysis 👍🏽👍🏽👍🏽
Glad you enjoyed it 💖
I love you 😘 so much Dacob keep the awesome info coming 😍
😍🥹💖💖💖
Arnault’s fortune is estimated to be worth $164bn (£134bn), according to Bloomberg, and it at one point it made him the world’s richest man on paper. He and his family own 41% of LVMH, the group that owns luxury brands including the handbag brand Louis Vuitton, Moët champagne, Hennessy cognac, the jeweller Tiffany’s and the watchmaker Tag Heuer, among many others. This guy is going to bring down the luxury market. They will be selling LV bags for £50 each. Watch it all all fall to pieces
Ahhhh interesting point about TikTok.
Thanks amy 🙏🏻💖
You definitely right about everything ! Honestly so far Hermes I have never had any issues with whatsoever and hoping it stays that way ! I am referring to items purchased long ago though, so can’t say anything about quality now but their prices reflects their quality in my opinion !!
It’s a mistake to compare yourself to these you tubers that do constant unboxings of high end brands. They are clearly multi millionaires with generational wealth. They could buy several bags a day and never make a dent in their financial position.
Luxury used to be for the elite and now it’s for the masses. The quality just could not keep up with it the demand. Until consumers change their purchasing choices nothing will change.
As for the luxury brands, they will be just fine. Well, maybe not the lower employees but the executives will be just fine.
Valentino used to be so beautiful Kering buying into will cheapen the brand
Right on!! Everything you are saying is so on point!! It's unacceptable that one can pay 2k plus for a luxury item and it's flawed! It happening on every level I agree. Even jeans from old navy now rip after a few wearings. I never had this in the past. And the sad thing is I don't even think it's the worker's faults, as they most likely work in bad conditions. It's QC.
Thanks for keeping us aware and sharing this information awesome video
Bravo!
Thank you zeljka 🥹🙏🏻💖
Preach 👍!! !! ❤
💖🌅
100% on point
Thank you jeffrey 🙏🏻💖
So true…. 🥰
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Amen!!
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GREAT VID D!
Thank you jonny 🥹🙏🏻💖
💝
My kids are 21, 22, and 23. They go to very affluent colleges and went to private schools….. luxury goods among them and their peers is alive and well!