It still feels like summer break—so not too many headlines to discuss today. But if you have 10 minutes, I recommend reading (or listening to) this Wall Street Journal piece. It’s a modern-day financial saga centered on Nicolas Puech—Hermès heir and once the brand’s largest individual shareholder—and his missing 6 million shares, worth $15 billion today. Those shares eventually turned up in sales to rival LVMH during Bernard Arnault’s stealth stake-building in the early 2000s, but the money is still missing. The case blends high finance, family drama, death and luxury’s fiercest corporate rivalry—and still leaves one burning question: where did the money go?

Caught my eye

Phoebe Philo has just unveiled Collection D—her latest exercise in rewriting the modern luxury playbook. It’s one of the most interesting business models in fashion today: each drop is small, distribution is ultra-tight (limited to a handful of hand-picked global retailers and her own site), and prices unapologetically high.

Trends — what’s bubbling underneath the headlines

• Gucci x Pomellato: A smart bet on jewelry

  Luxury fashion may be slowing, but fine jewelry is holding up—$5–10k on a necklace can feel more justifiable than the same on a handbag, partly because jewelry doesn’t date, lose value, or go out of season. That’s why Richemont, with Cartier and Van Cleef, is outperforming fashion-led peers. Gucci’s partnership with Pomellato taps into this resilience, borrowing the jeweler’s credibility to re-ignite growth and secure a foothold in one of luxury’s most durable categories.

• Dior opens first U.S. spa

  Dior has opened its first American spa, offering Paris-style facials, body treatments, and exclusive products. Beyond revenue, it’s a high-touch brand immersion that strengthens loyalty and keeps clients in the Dior world for hours at a time.

• Saks Fifth Avenue launches “Sophie”

  Saks Fifth Avenue is adding an AI-powered voice concierge to its customer experience. Called Sophie, the assistant can handle product questions, order tracking, and personalized recommendations—aiming to bring a high-touch, in-store service feel to phone and digital interactions. We live in a paradox: luxury retail is testing whether AI can scale white-glove service without stripping away the human touch that defines “luxury” in the first place.

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

• Stealing the Luxury Playbook. It’s interesting to watch the market reinvent itself. The luxury playbook of the last decade—boosting full-price sell-through, reducing wholesale reliance, doubling down on editorial content, and leveling up retail experience—is now being executed brilliantly by mid-tier brands. Take Ralph Lauren: Q1 FY 26 revenue +14% y-o-y and net income +40%, prompting the company to raise its annual forecasts. Meanwhile, Capri Holdings—parent to Michael Kors —beat expectations with a smaller-than-anticipated 6% revenue drop and better-than-expected earnings per share, pushing second-quarter projections higher. Luxury house tricks have become mid-market bedrock—and it’s paying off.

• Adanola scores $530M valuation. Athleisure label Adanola—apparently beloved by Kendall Jenner—has landed minority investment from Story3 Capital Partners, valuing the brand at $530M. Known for minimalist activewear and relentless influencer-driven marketing, Adanola has grown into a global DTC brand without heavy wholesale reliance. The deal signals that even in a crowded athleisure market, strong brand heat plus a direct-to-consumer playbook can still command private equity’s attention (and big checks).

• Peloton is again in the headlines—with a seventh round of layoffs, this time cutting 6% of its global workforce. The cost-cutting initiative, part of a broader turnaround strategy under CEO Peter Stern, aims to save $100 million by end of fiscal 2026 through reducing headcount, indirect spending, and relocating operations. Investors approved: shares rose on the news. In today’s market, nothing wins shareholder trust quite like cost discipline.

Results in 30 sec (or less)

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• 12.08.25 | Costa Smeralda - Jennifer Lopez Life performance

• Until 17.09.25 | Osaka - Louis Vuitton “Visionary Journeys” exhibition

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