Confidence & Community.
Shaping the future of luxury brands in an era of uncertainty.
Jovan Buac, Managing Partner
It was interesting attending the Walpole Luxury Summit in the same week as seeing The Devil Wears Prada 2. No, hear me out.
It was interesting attending the Walpole Luxury Summit in the same week as seeing The Devil Wears Prada 2. No, hear me out.
Both events prompted a reflection on the past twenty years. Luxury and fashion have always been closely intertwined, but the way we consume brands and what we expect from them – has shifted profoundly. The industry has moved from authority to accessibility, from aspiration to participation, from product to something far more immersive.
And yet, sitting in a room listening to the CEO of Burberry speak about the future of the brand, I wondered what Miranda Priestly would make of it all. Not just the pace of change, but the tone. Because if the original film captured an industry defined by hierarchy and distance, what I experienced at Walpole suggested something different.
There was confidence, certainly. But also openness. And perhaps most strikingly, a genuine sense of community.
I went to the summit with many questions. AI. The economy. And is Donatella still barely speaking to anyone…
Top: A scene from the latest Devil Wears Prada 2. Above: Helen Brocklebank, the Chief Executive Officer (CEO) of Walpole. Credit Philipp Ammon Photography.
The backdrop: growth in the “never normal”
Helen Brocklebank, CEO of Walpole, opened the summit by grounding us in the scale and significance of British luxury. Today, the sector contributes £81 billion to the UK economy, with £56 billion in international exports. It is both an economic engine and a form of soft power. Exporting not just products, but British values. Values of craftsmanship, heritage, creativity and excellence.
And it’s not standing still. London continues to expand its luxury hospitality footprint, while cities like Manchester are emerging as new centres of premium experience. British creative talent is increasingly global, influencing how luxury is defined and expressed far beyond the UK.
All of this, however, exists within what author and entrepreneur Peter Hinssen describes as the “never normal”. We are operating in a world of constant flux. Geopolitical instability, economic pressure, technological acceleration and cultural shifts all happening simultaneously. Uncertainty is no longer a phase to navigate through; it’s a permanent condition.
But rather than dampening ambition, this context seems to be sharpening it.
Because, as several speakers suggested, uncertainty is also where the greatest opportunities emerge from. It forces clarity. It rewards focus. And it separates the brands that simply exist from those that genuinely connect. Those that don’t just sell products, but create meaning and memory.
Reclaiming identity: Burberry’s reset
Few examples illustrated this better than Burberry. Joshua Schulman, Burberry’s CEO, spoke candidly about the need to refocus the brand. At its core, the issue was not a lack of relevance, but a lack of clarity. “We were doing too many things” he said. The response wasn’t a dramatic reinvention, but a disciplined return to what matters. A shift from modern British luxury to timeless British luxury. On paper, it feels like a small adjustment. In practice, it represents a fundamental reorientation.
“Be the best version of the brand that people love.” That meant reconnecting with core categories – trenches, scarves – and core audiences, while strengthening the relationship between creative expression and commercial performance. The scarf, in particular, became a powerful symbol of this thinking. Once deprioritised in-store, it has been re-elevated not just as a product, but as an experience through the in-store Scarf Bar concept.
Repositioned visually and culturally, it has found new relevance with Gen Z, who see it not as something traditional or reserved, but as something expressive and adaptable.
Similarly, the trench coat (arguably one of the most recognisable items in fashion) has been reinterpreted through contemporary storytelling. Styled in a campaign by Tim Walker (alas Demarchelier has passed away) and worn by a selection of famous personalities in distinct ways, it becomes less about uniformity and more about individuality.
It’s a reminder that heritage doesn’t need to be rewritten to stay relevant. It needs to be re-expressed. A thought that Miranda Priestly might reluctantly agree with; the meaning was always there. You just have to understand how to show it. I think we need a belt with this…
So, the next time you have the great fortune to attend an event, don’t just view it as ‘an opportunity to network.’ Instead, see it as a moment for community. That small shift in mindset can transform a self-serving instinct into something that celebrates all of us - embracing competition not for ego, but for the greater good of design.
1 What does it take to be a successful creative leader?: Mick Mahoney
The shifting definition of luxury
Beyond individual brands, there is a broader structural shift underway. As Jane Hamilton from The Times highlighted, the world luxury brands operate in has become significantly more complex. Rising costs, disrupted supply chains, geopolitical tension and fluctuating consumer confidence all contribute to a more challenging environment.
And yet, the demand for luxury hasn’t disappeared. It has evolved. There’s a new idea of the “lipstick effect” – where consumers seek small indulgences in times of uncertainty. L’Oréal has done incredibly well from this. But more fundamentally, there is a shift in what luxury means. Increasingly, it is moving away from ownership and towards experience. This isn’t a new concept, but it is becoming more pronounced and more expansive.
Experiences are no longer limited to travel or hospitality; they now extend into wellness, beauty, food and retail environments.
They are becoming central to how brands express their value. It’s not a nice to have. It’s the brand fundamental.
What’s interesting is that this shift doesn’t diminish the role of product. It reframes it. The product becomes a marker of the experience. A physical reminder of something felt, rather than simply something acquired. A souvenir, if you will. At the same time, consumers are becoming more discerning.
There is a growing resistance to overload, whether in media, messaging or choice. As Jane Hamilton noted, there is value in doing less, but doing it better. In curating rather than overwhelming. Luxury, in this sense, is becoming more intentional.
This editing down can also happen in the digital space as Pernilla Nyberg, SVP at The Estée Lauder Company explained, Bobbi Brown’s ‘put together in five’ plays into the experience of replicating professional make-up in a busy life.
Top right: Joshua Schulman, Chief Executive Officer and Executive Director of Burberry. Below Top Right: The iconic scarf bar. Above: The Londoner, host to this year's Walpole Summit.
Experience as the organising principle
This idea was reinforced repeatedly throughout the day: experience is now at the heart of premium and luxury brands. Panels explored how the most compelling experiences operate across multiple dimensions. They engage the senses, evoke emotion and create social connection. They are not just moments of consumption, but moments of participation.
And importantly, they are not always perfectly polished. Divia Thani, Global Editor-in-Chief at Condé Nast Traveller, explained that there’s a growing appreciation for experiences that feel real, even raw. That reveal the process, the craft, the story behind what is being created. Consumers want to understand how things are made, where they come from and who is behind them.
This desire for authenticity also extends to personalisation, but not in the purely algorithmic sense. There is a distinction being drawn between personalisation driven by data and personalisation driven by human understanding. The latter carries more weight. It feels more meaningful. Which speaks to a deeper tension within the industry.
Top right: Jovan Buac, Lewis Moberly's Managing Partner. Above: Divia Thani, Global Editorial Director, Condé Nast Traveler. Credit Philipp Ammon Photography.
Craft, humanity and the role of AI
AI is undoubtedly reshaping the landscape.
It is already embedded in discovery, recommendation and operational efficiency. It is helping brands optimise margins, reach new audiences and streamline processes.
But it is not replacing the core of what makes luxury valuable. And meaningful. If anything, it is highlighting it. Across discussions on craft and creativity, there was a consistent emphasis on the enduring importance of human skill and emotion. Craftsmanship was not positioned as something nostalgic or fragile, but as something resilient and essential. Because in a world where so much can be generated, replicated or automated, the things that cannot become more significant.
At luxury travel house Belmond, this takes the form of preserving and restoring train carriages using techniques and materials that no longer exist in their original form. At artisan Swaine, it is about protecting the integrity of traditional craftsmanship.
At Aston Martin, it is about creating objects that evoke a feeling that cannot be easily articulated or engineered. As Marek Reichman, Chief Creative Officer at Aston Martin described, beauty is something the brain recognises instinctively, even if it cannot fully explain it. It exists beyond logic. Beyond specification.
And this is where AI reaches its limit. It can support creativity. It can enhance efficiency. But it cannot replicate desire. Reichman is developing AI policies at Aston Martin, largely centred around giving his teams more time to think creatively. To create things of beauty. Desire, ultimately, remains human.
Above: Selfridges's exclusive private member's club, 40 Duke Street by Cellar Society
A more intentional consumer
At the same time, the luxury consumer is evolving. Wellbeing, health and quality of life are increasingly seen as forms of luxury in themselves. Consumers are making more proactive, informed decisions. Not just about what they buy, but why they buy it and how.
They are also redefining indulgence.
In food and drink, for example, there is a shift towards products that deliver both pleasure and function. Flavour, nutrition and identity are becoming intertwined. Even social rituals are changing, with new occasions and environments emerging. Cocktails in coffee shops are replacing traditional bars, for instance, as spaces for connection and indulgence.
This reflects a broader pattern.
Luxury is no longer about excess. It is about meaning. And as one insight captured succinctly: consumers are “trading inwards, not downwards”. They are not necessarily spending less, but they are seeking more value in what they choose to spend on. Value defined not just in monetary terms, but in emotional and experiential ones.
Retail as experience, not transaction
Selfridges offers a compelling example of how this shift is playing out in practice. Under André Maeder’s leadership, Selfridges is being reimagined not as a traditional department store, but as a “retail media company”. A platform for experiences, storytelling and engagement.
The scale of activity reflects this thinking: hundreds of pop-ups and events each year, designed to create moments that go beyond the transactional. Their loyalty programme is particularly telling. With over three million members, a third of them under 30, it offers access rather than discounts. Experiences rather than incentives. Memory making over money off. The launch of 40 Duke Street, their private club for loyalty members, further reinforces this direction. It is not just a space to visit, but a space to spend time, to connect, to be part of something special. It even has a spa and restaurant. Very nice.
“Don’t come to us for black socks. Come for an experience” Maeder added. It’s a simple statement, but it captures a fundamental shift in the role of retail and how the Selfridges is leading the way.
Storytelling, emotion and memory
If experience is the structure, storytelling is what gives it meaning. Across brands and sectors, from Manolo Blahnik to Johnnie Walker, the emphasis was on creating emotional connections that endure.
Whether it’s a pair of shoes worn at a wedding, or an immersive whisky experience in Edinburgh, the focus is on moments that stay with people. Moments that become part of their personal narrative. And moments that can be highly personal.
This is where heritage and innovation come together. As Diageo articulated, reinvention does not mean breaking with tradition. It means helping it survive. Keeping 90% of what is iconic, while evolving the remaining 10% to stay extremely relevant.
It’s a delicate balance, but when done well, it allows brands to remain both familiar and fresh, staying away from the convergence of trends that are making everything look and feel the same. Florals for spring. Groundbreaking.
Top Right: Jodie Blake, CMO Manolo Blahnik and Johnnie Walker experience, Princes Street Edinburgh. Above: Foday Dumbuya, Founder and Creative Director, Labrum London
Confidence. And something more.
What stayed with me most from this summit wasn’t a single insight or statistic. It was a feeling. A sense that, despite the uncertainty, there is real confidence in the industry. Not arrogance, but belief. In creativity. In craft. In the enduring value of what luxury can offer.
And alongside that, a sense of community. Of brands, individuals and disciplines coming together not just to compete, but to shape what comes next. Sharing perspectives. Challenging each other. Building on a collective understanding of where the industry is heading. It felt less like a closed world, and more like an open conversation. All of us together, in that beautiful room, each playing our part in something exciting.
The next chapter
If The Devil Wears Prada captured a particular moment in the fashion industry twenty years ago – defined by control, distance and hierarchy – then this time around it feels like the beginning of something different.
An era where luxury is more human. Brands are more experiential. Humans are more connected.
We’re all still ambitious. Still exacting. But grounded in a deeper understanding of the role of luxury, not just in culture, but in people’s lives. Because ultimately, the future of premium and luxury brands won’t be defined solely by what they create. But by how they make people feel. The experiences they design. And the communities they build around them. And from what I saw and heard at Walpole, that future is being shaped not just with confidence, but with a shared sense of hope, pride and creativity.
That’s all.
W
Subscribe to The Friday Edit
Thanks, we received your submission.
work with us
workwithus@lewismoberly.com
join us
joinus@lewismoberly.com
telephone
020 7580 9252
Lewis Moberly, 33 Gresse Street
London W1T 1QU