Vogue Business

Traditional digital marketing is going amiss. Should luxury go lo-fi? 2025 is shaping up to be a tumultuous year for the digital landscape, primarily driven by legislative and political changes in the US. TikTok’s ban and subsequent reintroduction on 19 January punctuated the arrival of Donald Trump’s second presidency. Meanwhile, Meta removed fact-checking across Facebook and Instagram on 7 January while altering its ‘Hateful Conduct’ policy and in turn widening the scope for anti-diversity rhetoric — a move that a group of House Democrats described as “currying favour with the Trump administration”. As the luxury slowdown and legislative changes usher in a difficult time for digital engagement, playful online content can offer a lifeline for brands if the balance is right. Here, the Vogue Business H1 2025 Index highlights the shifts that took place among the digital space in the build-up. https://lnkd.in/ehMVmsyz

Innovation is entering a new era — and #luxury is following. Following movements among the top players in the last edition of the Vogue Business Index, shuffles in the innovation pillar continue, albeit more drastic. Gucci, which has held the top spot in innovation since its addition in H1 2022, drops for the first time in three years to third place, as BALENCIAGA (+5) and Burberry (+10) overtake. In this chapter of the Vogue Business Index, we dive into the innovations of Index brands, from their involvement in circular solutions such as rental and resale to their presence in gaming. https://lnkd.in/euUFNrk2

Zegna’s profits slide in 2024. While Zegna Group was in revenue growth, its adjusted EBIT — which measures the profitability of its core operations excluding interest and taxes — fell to €184 million for the full year, down from €220 million in 2023. The company said its profitability was impacted by Thom Browne’s underperformance and a decision to streamline the brand’s wholesale operations, as well as, to some extent, by the investment required to develop Tom Ford Fashion, for which it acquired the licence in 2023. Here, Kirsty McGregor has the details. https://lnkd.in/evVQ2-p9

The H1 2025 Index marks a milestone moment — it is the 10th edition of our authoritative ranking of the top 60 global luxury fashion brands. Its results come at a pivotal time for luxury, as green shoots offer hope for an industry that’s felt the heat of the economic downturn over the last year. Join us on Monday at 5pm GMT for The Luxury Lowdown as reporter Maliha Shoaib is joined by the Vogue Business Custom Insights Team to break down the success strategies from the top 10 brands in the Vogue Business H1 2025 Index.

Which brands made it in the top 10 of the Vogue Business H1 2025 Index? The H1 2025 Index marks a milestone moment — it is the 10th edition of our authoritative ranking of the top 60 global luxury fashion brands. Its results come at a pivotal time for luxury, as green shoots offer hope for an industry that’s felt the heat of the economic downturn over the last year. Here, we break down which brands made the top 10 and why. Become an Advanced Member to access the full ranking — including some surprise new entrants.

India’s native cotton was stamped out. Can it be revived? There was once a strain of cotton native to India called phuti karpas, which yielded fibres so delicate that fabrics woven from it were poetically termed ‘baft-hawa’, translating to “woven air”. It was used to produce Dhaka muslin, considered one of India’s finest fabrics. Today, phuti karpas is extinct. Indigenous cotton varieties once thrived in India, supporting a vast artisanal economy, but centuries of colonial extraction and ecological displacement has all but stamped it out, leaving India with a cotton industry that is now dominated by industrial-scale farming, monocultures and genetically modified crops. While this shift enabled India to become one of the world’s largest cotton producers, it came at a cost: declining soil health, increased pesticide reliance and a system that prioritises yield over resilience. The fashion industry’s #sustainability ambitions — from regenerative agriculture to circularity — are directly tied to how raw materials are grown and sourced. Reviving India’s native cotton isn’t just about cultural preservation — it’s about creating a more resilient, ethical and climate-conscious supply chain. As brands push for traceability and regenerative fibre sourcing, these efforts to restore indigenous crops could play a pivotal role in shaping the future of sustainable fashion. In recent years, various grassroots initiatives have sought to revive India’s indigenous varieties. Here, Aditi Mayer explores the challenges and opportunities faced by three of them as they attempt to scale. https://lnkd.in/eBZZ-tWH

Why is everything in fashion suddenly a ‘recession indicator’? Online, signs of a #recession are everywhere if the commentariat is to be believed — peplum tops, indie sleaze, skinny jeans and skinny scarves apparently all indicate an economic slump. As is common with internet speak, it might have gone too far. Can everything from Lady Gaga’s return to form on Mayhem to boho chic and an upcoming Suits reboot really be recession indicators? Or is it just the latest spin on our ongoing obsession with nostalgia, a social media quip to show one’s commentary is more high brow and informed than the next? In fashion, what actually indicates a recession? In this week’s Connecting The Dots, José Criales-Unzueta writes: “The quick hits of discussing fashion based on internet talking points du jour make for entertaining social media discourse, but calling anything and everything a ‘recession indicator’ or, to look at last week’s column, a case of ‘nacho reheating’ flattens much of the cultural and historical context attached to fashion.” Read the full piece here. https://lnkd.in/eqKQPzjw

At its peak around 2017/18, Xu Zhi was stocked at 100 international stores. But then, as the designer puts it, “the economy happened”. The pandemic hit, Zhi relocated to Shanghai and — unable to hold onto his Paris showroom or present in London — he lost his international store network and had to focus on the Chinese market. The story is familiar for scores of Shanghai’s more established brands. Over the course of the pandemic (which affected China until 2022), Chinese designers including Zhi, Yirintian, 8ON8, Attempt and Staff Only were forced to pause their showrooms in New York, London, Milan or Paris indefinitely, shifting focus to the domestic market. Then, post-pandemic, China was hit hard by the global economic downturn, and luxury spending took a blow. Today, Shanghai’s established designers are grappling with a new Chinese consumer, who is more price conscious, more discerning on quality, and requires versatility and comfort from their clothes. Here, Lucy Maguire breaks down the four dominant consumer trends they’re trying to meet. https://lnkd.in/eYB_nKhp

What would a US #recession mean for global #luxury? In the US, macro trends paint a troubling picture. Consumer confidence, a key barometer for the national economic outlook, plunged to a 12-year low this week, according to non-profit The Conference Board’s latest reading, published 25 March. At the same time, inflation remains stubbornly above the 2% target set by the US Federal Reserve in 2012, hindering stable economic growth. A potential recession in the US — one of the industry’s most important markets — could exacerbate the sector’s ongoing slowdown and challenge the pricing power and expansion strategies that have defined luxury’s recent modus operandi. While there’s no guarantee that a full-scale recession will materialise in 2025, a cooling economy is already causing shifts in spending, particularly among affluent consumers. Facing these strong headwinds, how can brands adapt? Jessica Binns speaks to experts to find out. https://lnkd.in/erKw3gtf

Last Thursday, Vogue Business launched an additional Advanced Member benefit, the Insider Roundtable. Our first session of the year was hosted by Elektra Kotsoni, Deputy Director of Vogue Runway & Vogue Business, and Nicole Phelps, Global Director of Vogue Runway & Vogue Business. This exclusive, off-the-record conversation brought together thought leaders to discuss the most pressing issues shaping the fashion industry today. In this first edition, Nicole and Elektra shared key insights from the recent fashion month, sparking a conversation on how designers are responding to global trends and challenges. We were honoured to welcome senior leaders from LVMH, Marc Jacobs, JPMorganChase and more for this intimate exchange of ideas. Stay tuned for the next session, and consider becoming a Vogue Business member today: https://lnkd.in/duNwK7f.