When, for the fall 2023 season, Marc Jacobs reissued the runway-show version of his Kiki boots, I found a way to squeeze them into my budget. I figured I'd treat myself to something I'd treasure forever. Something that would last. They did not. The right heel cap fell off after a handful of wears, revealing a flimsy plastic cavern. This experience represents everything that's gone wrong with luxury fashion.
In recent years, luxury of all kinds has become obscenely, disgracefully, inconceivably costly. And the price hikes we've seen are steeper than what inflation would dictate, while the quality has largely declined. Luxury is in chaos, said Gill Linton, a fashion and marketing expert, emphasizing the ongoing crisis in the industry.
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