Recent viral videos and consumer complaints reveal that some high-end luxury brands like Miu Miu and Maison Margiela are producing products that fall apart quickly, raising concerns about declining quality in the luxury sector due to cost-cutting, outsourcing, and a focus on profits over craftsmanship. This has sparked social media outrage and calls for industry reform, with experts noting a shift away from traditional artisanal practices and a rise in mid-market brands emphasizing quality and value.
Christie's and Sotheby's ended 2025 with increased sales, driven by luxury goods, trophy lots, and private deals, with Sotheby’s leading in total revenue and record-breaking sales, reflecting renewed market confidence and growth in private and luxury sales.
Christie's is shifting its focus towards millennials and luxury goods to combat challenges in the traditional art market, aiming to attract a new generation of buyers amid industry struggles.
The Trump administration banned Iranian diplomats in New York from shopping at wholesale outlets like Costco and from purchasing luxury goods over $1,000, as part of broader restrictions on Iranian officials during UN meetings, aiming to limit their access to US resources amid ongoing tensions.
The US has banned Iranian diplomats in New York from shopping at wholesale clubs like Costco and buying luxury items without government approval, as part of broader sanctions and restrictions on Iran, aiming to prevent regime officials from exploiting diplomatic privileges for personal gain.
Actress Tracee Ellis Ross's Los Angeles home was burglarized while she was out of town, with thieves stealing over $100,000 worth of jewelry and handbags. The incident is part of a broader trend of break-ins targeting celebrities' high-profile homes, with no arrests made yet. Ross has not publicly commented on the event.
A New York City pawn shop owner pleaded guilty to buying and selling stolen luxury items, including property stolen from NFL quarterback Joe Burrow's home, as part of a larger organized theft operation targeting affluent residences across the U.S. The owner and his co-manager, both involved in a nationwide scheme, face significant prison time and restitution, highlighting ongoing issues with organized burglaries targeting high-profile individuals.
Luxury jewelry sales in the U.S. are outperforming other categories like leather goods and handbags, with jewelry spending increasing 10.1% year over year in May, driven by its perception as an investment and sentimental item, despite overall luxury spending declining. High-end jewelry brands are seeing increased spending per customer, even as some lost customers, and gold price rises support jewelry purchases. Meanwhile, handbag and watch categories face challenges, with prices rising significantly and mixed sales results, amid broader economic uncertainties and geopolitical tensions.
During graduation season at Duke University, local scavengers like Lena Geller collect expensive items discarded by students, valuing their finds at around $6,600, highlighting issues of waste and resourcefulness.
The Walton family, founders of Walmart, top Bloomberg's 2024 list of the world's richest families with a net worth of $432.4 billion, largely due to an 80% rise in Walmart stock. They are followed by the Al Nahyan family of the UAE and the Al Thani family of Qatar. The Hermès family and the Koch family round out the top five. The Walton family's wealth is primarily from Walmart, but they have diversified into other sectors like sports and philanthropy.
The viral success of "Dubai chocolate," a pistachio-filled delicacy created by British-Egyptian entrepreneur Sarah Hamouda, has sparked a craze across Europe, with bars selling for over €100. The trend, fueled by a TikTok video with over 100 million views, has led to widespread demand and even smuggling attempts. Copycat versions have emerged, including one by Swiss manufacturer Lindt, which saw customers queuing for hours in Germany. The high demand has turned the chocolate into a lucrative resale item, with some bars fetching up to €300 online.
A recent heist involving 22 tonnes of luxury cheese from Neal's Yard Dairy highlights a growing trend of food-related crimes, particularly targeting high-value items like cheese. The theft, dubbed "the grate cheese robbery," underscores the increasing value of cheese due to rising production costs and global food price inflation. Organized crime networks are exploiting the food industry, often smuggling stolen goods to markets with high demand, such as Russia, where sanctions have created a black market for Western foods. Efforts to combat such crimes include innovative security measures like microchipping cheese.
Former CIA analyst Sue Mi Terry has been charged with acting as a secret agent for South Korea's intelligence service in exchange for luxury items and covert funding. Terry, who worked for the US government until 2011, allegedly failed to register as a foreign agent and shared non-public information with South Korean intelligence. Her lawyer claims the allegations are unfounded and distort her work as an independent scholar and news analyst.
Former White House official Sue Mi Terry has been indicted for allegedly acting as an unregistered agent for South Korea, receiving luxury goods and gifts in exchange for advocating South Korean policy positions and sharing nonpublic US information. Terry, who is now a senior fellow at the Council on Foreign Relations, denies the allegations, claiming they distort her work as an independent scholar. The Council has placed her on unpaid leave pending investigation.
Burberry is replacing CEO Jonathan Akeroyd with Joshua Schulman after a disappointing quarter where sales dropped over 20%. The company issued a profit warning, scrapped its dividend, and saw its stock fall 17%. Burberry plans to refocus on high-end spenders and launch a new website in August to improve its competitive position and long-term growth.
