Sincerity as always in style

FIFA goes fashion, Montblanc goes fashion, Selfridges goes private, Van Cleef is publishing books and Mulberry is raising cash

Author

Olga Merzlyakova
June 23, 2025

I’m writing this on a train cutting through central Germany, heading home to Munich after one of the most moving weddings I’ve ever attended.

From guests tears in the church to the groom’s raw honesty, it felt like everyone showed up with their whole heart.

It reminded me that sincerity never goes out of style.

The must-have accessory for summer wedding guests. Thank me later!

Caught my eye

Italian filmmaker Luca Guadagnino brings his cinematic eye to interiors

Trends — what’s bubbling underneath the headlines

  • Literature is luxury’s latest obsession

    Van Cleef & Arpels recently launched the Dédale series— reprints of literary classics in collaboration with Franco Maria Ricci—transforming books into collectible objects. Chanel is playing in the same space: a literary prize, anthologies, and essays that extend the brand’s cultural footprint. Stories, once seen as a brand’s inspiration, are now becoming products in themselves.

  • We’ve been reading the consumer wrong

    This week’s headlines were again filled with warnings about a softening luxury market. Saks’ Global Report highlighted a decline in intent to spend, while Bain revised its full-year forecast for personal luxury - downward. But I found the most insightful take comes from Kearney: what people say about the economy isn’t as predictive as how they’re actually living. In short: emotion ≠ action. Personal context (job security, income flexibility) predicts spending better than macro sentiment does. Things like polarization, war, or environmental concern may not drive instant purchase decisions, but they shape how people allocate energy, time, and future spend.

  • Investment bankers ditching ties… as a growth indicator?

    On TikTok, nearly everything becomes a recession signal—from the size of handbags to the length of hemlines. But this week, headlines suggested the opposite: that Morgan Stanley executives removing ties might signal the return of a bull market. Fashion might not predict markets, but it definitely reflects the mood.

  • FIFA wants in on fashion. The governing body just announced FIFA 1904, a luxury label set to debut during Paris Fashion Week: cashmere coats, tailored dresses, and a SoHo flagship—not jerseys and merch. Designed by ex-Fenty talent and produced by VFiles. F1, Wimbledon, the Olympics—institutions are becoming fashion brands. FIFA might be next. Or not.

  • Selfridges is getting into the members’ club game.

    The British department store plans to open a private club at its Oxford Street flagship. It’s a bold pivot from retail to hospitality—but not entirely surprising. With shoppers spending less on stuff and more on experiences, high-end retailers are rethinking their square footage. Selfridges has always sold aspiration; now it’s turning that into access.

  • Montblanc still sells fountain pens in a touchscreen world—and feels relevant.
    Why? Because it never competed on utility. It sells ritual, permanence, and status. Now, with cafés, leather goods, and as of this week push into fashion. With enough brand equity, even a pen company can sell fashion

Business moves, big numbers & “wait, what?”

  • Mulberry is raising £20M to fund its turnaround. Mulberry reported a £23M pre-tax loss and a revenue drop to £120M. The capital will support stock rebuilds and cost cuts. It’s a conservative, margin-driven approach — in stark contrast to Burberry, which is spending heavily on creative direction and global brand reset. Both are betting on British luxury. Probably only one will get it right.

  • Carlyle exits Twinset. A full decade later, the return looks… modest.
    The PE firm first bought into the Italian label in 2012 and took full control by 2017—at a rumored €300–350M valuation. Now it’s sold to Borletti and Quadrivio for just under €200M. Not a flop, but far from a win. Maybe what Twinset needed all along wasn’t reinvention, but a return to its Italian roots to Italian ownership

  • Scaling Italian Surrealism - Oakley Capital acquires 60% of Fornasetti. The Milan-based design house is best known for its surrealist ceramics and wallpaper, especially the iconic Lina Cavalieri “Tema e Variazioni” series. More and more PE playbook is transforming from scaling product or geography  to scaling brand. A brand like Fornasetti, with instantly recognizable design codes, can move into new categories and become a broader lifestyle business.

    Fornasetti’s iconic “Tema e Variazioni” series

  • Hotel des Bains is coming back.
    The iconic Venetian hotel is getting a €200M revival after 15 years of abandonment. The move is led by Federico Marchetti, founder of Yoox and a pioneer in luxury e-commerce. And maybe that’s the bigger signal: if the man who helped digitize luxury is now investing in legacy hospitality, it’s another sign that real estate is becoming the next luxury frontier.

Wish I were there - pop-ups,  collabs, etc.

Pencil in, book the ticket, or just follow on social media — choose your option and let’s discuss afterwards!

Thanks for reading! Have a great week.

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