Every time the topic of luxury fashion comes up amongst my peers, there is a brief hesitation that never used to exist. We once spoke freely about trends and taste, but now we pause before we answer. Something has shifted. As Dubai prepares for the Vogue Business Summit on November 17 and 18, I sit down with Elektra Kotsoni, deputy director of Vogue Business and Vogue Runway to understand what is changing and why.
If reading all the stories being covered within Vogue Business recently can tell us anything, it’s that fashion and luxury are in a state of transition. “Consumer attitudes, the world’s politics, even generational tastes — everything’s evolving. I think back to the pandemic, when many of us experienced our only moment of financial ease. Unspent salaries accumulated, and a wave of what became known as revenge spending took over. Luxury brands capitalised on the phenomenon with steep price increases,” Elektra notes. But as that surge eased, new pressures rose. “Protectionist policies, from Brexit to tariff wars, have created uncertainty for both the industry and consumers. The global luxury market lost about 50 million customers in 2024.”
Is that all? Alongside these geopolitical shifts is the natural transition in generational influence: Gen-Z stepping into adulthood, millennials entering parenthood. The centre of taste and spending is moving. As I reflect on this with her, I say, “The old rules do not seem to apply anymore.” Elektra agrees, and the implication is quietly hopeful. Perhaps this moment of hesitation is not decline, but space — space for new designers, new voices, and new visions of what luxury can mean.
On helping people understand the business of fashion
“When we think about Vogue Business, our purpose is very clear,” Elektra says. “We’re here to help our audience build, grow and future-proof their businesses and careers.” With a predominantly female readership and team across fashion, beauty, luxury and sustainability, the publication writes from lived experience. “We write what we want to read,” she adds, “and we always ask: does this help our readers do business?” That mission has been especially important in a year of industry uncertainty. When conversations around a luxury slowdown intensified, Vogue Business created The Survival Guide to the Luxury Slowdown. And when the newsroom’s own frustrations — from tweakments and Ozempic to inconsistent sizing surfaced, they became reporting. The Consumer Sizing Survey revealed that poor fit (43 per cent) and inconsistent sizing (36 per cent) are key reasons consumers avoid purchases. “Which means money is being left on the table, and loyalty is at risk,” Elektra notes.
On the West learning from the East
In the Middle East, fashion weeks have long followed Western calendars, but the question now is whether that rhythm reflects our own cultural pace. Fashion should speak to the people living it, not only echo what Paris or New York once set. The rise of regional fashion weeks signals that shift, creating room for designers to be seen on their own terms. It also prompts a larger question: are luxury brands engaging with the region with sincerity, or simply out of convenience? Elektra’s view is measured. “The world is in flux, so I don’t know if it’s a question of a gap or rather a question of how the world is changing,” she says. “Luxury brands are responding to the region in a more earnest way. We are seeing Ramadan campaigns with real nuance and flagship stores that feel rooted in place.” Still, she notes that only those living here can truly judge the authenticity of that engagement. What is clear to her is that the region’s innovation output is striking. This is the dialogue the Vogue Business Middle East Summit hopes to encourage: not influence flowing one way, but a genuine cultural dialogue-exchange.
What is the value of luxury anymore?
There was a time when luxury felt almost universally defined: the Chanel flap bag was the symbol of arrival, Hermès Oran sandals were the summer uniform, and Cartier’s Juste un Clou bracelet signalled a certain kind of taste. Then the mood shifted. We moved to oversized Balenciaga, to foam Yeezys, to The Row’s quietly expansive leather totes, and now to Prada’s reimagined Indian Kolhapuri sandals. Elektra puts it plainly: “I feel a true luxury consumer has all the wardrobe must-haves at this point, and is at risk of looking the same as everyone else. What they need are unique pieces that allow them to express themselves. Brands and retailers need to focus more on their core customer, and edit their offers accordingly. Trying to cater to everyone is a losing game.”
Maybe we do not need to reinvent the wheel
When the conversation turns to regional brands with global ambitions, Elektra is careful to acknowledge the reality of the landscape. “It’s a challenging market right now for independent brands anywhere,” she says. For labels emerging from the Middle East or other non-Western regions, the difficulty often lies in proving that their point of view is not just local, but globally relevant. “To do this, they can work with strong international sales and communication agencies who can tell their story in a way that is suitable for each market.” But she also makes an important counterpoint: the centre of spending power is already shifting. “At the same time, spending power is growing in those regions, not in the West,” she notes. Which means the strategy may not always be to reinvent or to assimilate. Sometimes, the answer is to keep building from where they stand, with confidence in the value that already exists.
Looking forward to a new direction with new people
The fashion industry stands on the brink of a new era. After the “September to Remember” in 2025 — 15 major designer debuts signaled the end of an old guard and the dawn of millennial leadership. As these new creative directors build teams and shape brands, change will emerge gradually in every aspect.
The future in the next 10 years
Looking ahead, the next decade of fashion appears to be both AI-driven and deeply personal. Data will shape how brands design, communicate and sell, but the human layer — who the consumer is, what they value, how they want to feel — will remain the defining factor. “Whether the consumer is a size 16 or a size 6, where they live, and what their specific needs are will come down to each individual and the choices they make in their everyday lives,” Elektra reflects. In other words, technology may guide the industry forward, but individuality will determine its meaning.
Vogue Business Global Summit: Middle East Edition takes place in Dubai’s Jumeirah Mina Al Salam from November 17-18
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