Hello from Paris, where much of the city seems to be taking a breather, having reached the end of the fashion week-to-art week tunnel.
We gained a museum (the Fondation Cartier’s new space at Palais Royal) and lost a museum (the Centre Pompidou threw a closing bash before a renovation that will take at least five years). One legend stepped aside — Veronique Nichanian — while a legend in-the-making, Grace Wales Bonner, stepped up, succeeding the veteran designer as menswear artistic director at Hermès. That’s not to mention the debut shows at Chanel, Loewe, Dior womenswear, Jean Paul Gaultier and more.
Amid all of that, you may have noticed a signup link at the top of my stories: Please click on it, if you haven’t yet. BoF’s Professional subscription now includes access to Expert Perspectives, single-topic newsletters from my colleagues covering beauty, sustainability, sports, technology and more. Luxury is the latest addition to the lineup with High Margin, Wednesdays in your inbox.
What can you expect to read in High Margin? I’ll provide an additional perspective each week on creativity and business in the world of luxury — broadly defined to include fashion, jewellery, art, hospitality and more.
Sometimes we’re rounding up and analysing the major news of the week — LVMH’s earnings, or Kering’s $4 billion beauty deal with L’Oréal. Other times we’re diving into a specific strategy or initiative, like the celebrity-fronted ‘zines’ fueling growth for Katie Grand’s “Perfect” magazine, or the rise of global restaurant chains like Langosteria and Saint Ambroeus.
This week, we’ll unpack the wild trajectory of Kering’s valuation and, at the opposite end of fashion’s price spectrum, explore why Shein’s decision to open its first-ever physical store in Paris is ruffling feathers in luxury’s stronghold.
The idea linking each week’s newsletter is that the business of selling expensive things is becoming ever more transversal: you can’t just sell fashion or art, you need a point-of-view on a variety of cultural disciplines and competing product categories. At the same time, luxury is becoming more homogenized, with many of the same conglomerates, clients and destinations at play. That convergence plays out against the background of fashion weeks, design fairs, exhibitions, performances and more throughout the year. I’ll be out there tracking the latest on creativity, craft, consumer culture and the web of businesses that ties them together.
I hope you’ll enjoy reading.
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