Invisible Dynamics

At the Milano Fashion Global Summit, two influential voices offered apparently different readings of the future of luxury. Renzo Rosso, the entrepreneur who transformed Diesel into a global icon and built OTB into an international fashion and luxury group, offered a deliberately provocative warning: there may be no real recovery if the industry continues to wait for consumers to return to their previous purchasing habits. Brunello Cucinelli offered a more optimistic interpret

Consumers are not simply reducing their spending. They are rewriting the hierarchy of what deserves to be preserved. The OECD expects inflation across G20 economies to rise from 3.4% in 2025 to 4% in 2026. The IMF projects global growth of 3.1% in 2026 below recent outcomes and well below the pre-pandemic average. And Bain estimates that only 40%–45% of the potential luxury consumer base purchased personal luxury goods in 2025, compared with approximately 60% in 2022. These