The Great Unbundling | Is the Luxury Conglomerate Model Fracturing—or Just Maturing?

Richemont’s asset sales, LVMH’s pruning, and the Breitling blueprint raise a fundamental question about how luxury groups create value. For three decades, the luxury industry’s dominant narrative has been consolidation: conglomerates like LVMH, Kering, and Richemont acquiring heritage brands, plugging them into global distribution networks, and using shared back-office infrastructure to scale margins. That story is not over—but it is being rewritten.

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