Why Luxury Groups Are Suffering While Independent Ultra-Luxury Brands Keep Winning Even After Raising Prices

Luxury's slowdown is not affecting every brand equally. While major groups face slowing demand, customer fatigue and margin pressure, ultra-luxury houses such as Hermès and Brunello Cucinelli continue to strengthen pricing power and desirability. Orisé Atelier examines how scarcity, family ownership, controlled distribution and permanence are reshaping the luxury hierarchy in 2026.