Why Luxury’s Biggest Brands Are Losing Their Identity

Gucci’s revenue dropped 26 percent last year. Burberry lost 17 percent. Fifty million people stopped buying luxury goods between 2022 and 2024. And somehow, the industry’s response to all of this has been the same thing, over and over again: hire a new creative director, wipe the Instagram, call it a “new era.” Something is clearly broken. But the question is what. Is it the designers? The conglomerates? The consumers? Or is it something deeper—a fundamental identity crisis at the heart of luxury fashion? Today, we’re looking at four brands—Gucci, Burberry, Balenciaga, and Bottega Veneta—to understand what’s really going on. Because their stories, taken together, tell you everything about where luxury is headed. And spoiler: the brands that are winning are doing the exact opposite of what everyone else is doing.

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