luxury / Jewellery

The luxury industry was under pressure in 2024 as customers pulled back on high-end purchases. Brands from Chanel to Valentino to Fendi changed their creative lineups, hoping to jump-start demand. But the struggles at Gucci and Burberry show how tricky executing a designer relaunch can be.

At the inaugural Joya fair in Monaco last week, two former art gallerists aimed to defy luxury’s current malaise with avant-garde jewellery propositions sold with a curated, high-culture approach.

A campaign fronted by Ariana Grande is the Austrian crystal maker’s latest effort to build on sales momentum in a slowing market: Revenue grew 4.5 percent in the first half. Swarovski plans to keep blending the codes of luxury and value, while spotlighting its message of ‘joyful extravagance’ to a wider audience, CEO Alexis Nasard says.

Ambitious sales targets and lower commissions for some salespeople have led them to defect for competitors, taking some of their loyal clients with them.

Louis Ferla, who is currently chief of the group’s Swiss watchmaker Vacheron Constantin, will replace Cyrille Vigneron at the helm of flagship jeweller Cartier.

From Miu Miu and Pharrell Williams to skater boys on TikTok, pearls have shaken off their country-club reputation to become markers of personal style.Pearl giants Tasaki and Mikimoto and indie designers like Sophie Bille Brahe prove that jewellers are seizing the moment.

Artistic director Francesca Amfitheatrof has forged a creative identity for Louis Vuitton’s ambitious jewellery program — whose estimated sales have reached €1 billion — by combining cutting-edge craftsmanship with an unabashed embrace of the luxury giant’s logo and codes.

This week, the gemstone giant said it would exit the fast-growing lab-grown diamond sector to focus on marketing the “unique attributes” of natural stones. Stakes are high after sales plummeted in 2023, and as owner Anglo-American explores a sale or spin-off.