Andrea Felsted, Columnist

In Luxury, the Strong Are Still Getting Stronger

If stragglers can’t catch up, activists might do it for them.

May 20, 2025 at 4:00 AM UTC

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

A panther bracelet created in 2015 displayed at a Cartier exhibition at the V&A (Victoria and Albert) museum in London. — A panther bracelet created in 2015 displayed at a Cartier exhibition at the V&A (Victoria and Albert) museum in London.
Photographer: JUSTIN TALLIS/AFP

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For the past five years or so in luxury, the strong have only gotten stronger as the weak withered.

Amid the shifting sands of the trade war and consumer tastes, it’s legitimate to ask whether that thesis still holds true. Recent updates show that industry polarization remains intact, with some caveats.