European Luxury "Expert Call Feedback: From Hype to Heritage" Pusz

Research evidence excerpt

European Luxury "Expert Call Feedback: From Hype to Heritage" Pusz

Global Research

14 May 2026ab

European Luxury Equities

Europe including UKExpert Call Feedback: From Hype to Heritage

Retailers, Specialty

Zuzanna Pusz, CFA

Polarising trends drive returned focus to quality and relationships Analyst

Yesterday, we hosted an expert call with the founder of a global luxury resale and zuzanna.pusz@ubs.com

archival fashion platform in order to better understand latest trends in the secondary +39 027 2100 226

luxury landscape. Commenting on the broader luxury market, the expert believes a Chris Huang, CFA

market correction is taking place, with increasing polarisation across brands and Analyst

consumer segments, following years of democratisation of the luxury category and a chris.huang@ubs.com

growing tilt towards aspirational consumers, away from the core. More recently, the +44-20-7901 6240

trend-sensitive consumers have slowed, while core high-end clients remain highly Robert Krankowski

engaged and increasingly focused on rarity and craftsmanship. As such, the expert Analyst

believes the key question for the sector's outlook lies in how brands "scale back" and robert.krankowski@ubs.com

focus on the core to drive growth, with client relationships and product quality at the +44-20-7568 1152

heart of momentum. More broadly, in expert's view resale is becoming a core part of the

luxury ecosystem, enabling circular consumption and supporting primary market.

Hard luxury tailwind from consumers' trading-up within the categorial pyramid

At the category level, performance remains robust in core segments such as handbags

and ready-to-wear, while there is a notable acceleration in fine jewellery and watches,