Welcome to the 1st edition of Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

The world of luxury is never boring, and this week is no exception. Let’s dive in!

Markets

Audemars Piguet x 1017 ALYX 9SM

In 2019, Alyx embarked on an informal partnership with AP when Williams teamed up with the artisans at MAD Paris to reimagine the Royal Oak he frequently wore. This revamped design, marked by Alyx’s iconic roller-coaster buckle, grabbed the spotlight from celebrities like rapper Lil Yachty and NBA star Kevin Durant. This prominence most likely paved the way for Williams to formally collaborate with AP today.

The latest Audemars Piguet collection, in partnership with Alyx, comprises two Royal Oaks, two Royal Oak Offshores, and an exclusive one-of-a-kind piece. The price tags span from $73,500 to $111,500. A noticeable omission in these watches is the subdial indicators; instead, diminutive hands rotate in a customary manner. The collection's understated elegance shines particularly in the 18k yellow gold Royal Oak, which features only the labels of the two brands on its face. Overall, the lineup exudes a refined simplicity that defines luxury without excess. Read more → 

Paris Fashion Week

The schedule for Paris Fashion Week has been released today, paving the way for finalized fashion week preparations. While the majority of the schedule remains as expected, there are some unexpected twists. On Wednesday, September 27, the renowned Italian brand Marni, led by Francesco Risso, will visit the City of Light during its global tour. In the past two seasons, Risso showcased in Tokyo and New York City. Read more →

Leonard Lauder Steps Down From Estée Lauder Board of Directors

Leonard Lauder, the billionaire heir to the Estée Lauder Companies cosmetics empire, has announced plans to step down from the company’s board of directors in November of this year. The 90-year-old joined the cosmetic company in 1958 and has since occupied various pivotal roles, including president, chief executive, chairman of the board, and most recently, chairman emeritus.

Upon his departure, his position on the board will be taken by his son, Gary Lauder, the managing director of Lauder Partners LLC, a venture capital firm based in Silicon Valley. Meanwhile, Leonard's other son, William Lauder, continues to serve as the executive chairman of the board. Read more →

Deep Dive: The World of Luxury in Today’s Market

In an ever-evolving global economy, the luxury market has always been a beacon, highlighting both the shifts in wealth and the tastes of the global elite. As we enter the second half of 2023, the world of luxury has seen significant changes, riding the highs and lows of the world's economic conditions.

Where the Markets Are Today and What This Means for Luxury

The post-pandemic recovery has been a story of resilience and rebound for global economies. The resurgence of economies, especially in the Asia-Pacific region, the United States, and parts of Europe, has driven a surge in luxury spending. The appetite for luxury items has seemingly grown, but not without nuanced changes. As digital transformation and online shopping accelerated, the luxury sector hasn't been an exception to this shift.

In today's market, luxury is not just about physical products but also experiences, stories, and sustainability. Brands that offer a tale of legacy, combined with modern sustainability practices, attract a newer, younger clientele while retaining their traditional base.

Impact on the Luxury Handbag and Watch Market

Handbags and watches, traditionally seen as status symbols and investment pieces, have seen a revival in interest. Brands like Hermes, Chanel, Rolex, and Audemars Piguet witnessed an uptick in demand. But, as the market changes, we notice the rise of several niche brands emphasizing craft, sustainability, and limited runs.

The second-hand luxury market has also expanded rapidly, driven by sustainability concerns and the hunt for unique, vintage pieces. Platforms like The RealReal, Vestiaire Collective, or Chrono24 are capitalizing on this trend, allowing consumers to buy and sell pre-loved luxury items, thereby emphasizing the lasting value of these products.

Brands and Item Performance in Q1 and Q2 of 2023

The first half of 2023 has been optimistic for luxury brands. According to the latest reports:

• LVMH reported a 15% increase in revenue compared to the first half of 2022, largely driven by its fashion and leather goods segments.

• Kering Group, the conglomerate behind Gucci and Saint Laurent, saw a 12% rise in sales. Its digital ventures, especially in the Asia-Pacific region, contributed significantly to this growth.

• Swatch Group, the powerhouse behind brands like Omega and Longines, reported a modest 5% growth, indicating a stable, if not booming, watch market.

• The Birkin and Kelly, iconic Hermes offerings, have always been investment-worthy pieces. From 2020 to 2023, their prices on the secondary market have soared by approximately 10–15%, reflecting their enduring appeal and rarity.

• Rolex, renowned for retaining value, has seen a price surge of around 8–12% between 2020 and 2023 on the secondary market.

• Patek Philippe’s iconic models, the Aquanaut and Nautilus, have seen an appreciation of approximately 15-20% in the secondary market over the same period.

• Audemars Piguet, specifically the Royal Oak, has increased about 10–14% on the secondary market from 2020 to 2023.

  * Note that these values varied massively from 2021–2022, where at the market’s peak, certain watch models increased over 100% on the secondary market. So, today, prices feel significantly cheaper than last year and will continue to fall until the world’s economy stabilizes.

Luxury Hotel Summer Occupancy

High-end hotels, especially in tourist hotspots like Paris, Bali, the Amalfi Coast, and the Maldives, have seen a surge in summer occupancy rates. After a lull in 2020 and 2021, 2023 has marked a return to pre-pandemic numbers. With international travel restrictions mostly lifted, wealthy globetrotters are making up for lost time, and luxury hotel chains like The Four Seasons, The Ritz-Carlton, and Aman Resorts are benefiting from this pent-up demand.

In Conclusion

2023's luxury market is a fascinating tapestry of enduring classics and innovative shifts. While age-old luxury icons continue to shine, there's a palpable tilt towards sustainable and experiential opulence. As brands recalibrate their strategies and consumers grow more judicious, the luxury realm promises even more vibrancy in the foreseeable future. While the world’s current economic standing is far from great, there is no doubt that the luxury market will continue to grow year over year.

Thank you again for supporting the world of luxury.