Has LVMH lost the sauce?

0:28Hello and welcome back to the Glossy podcast. events, which has been so fun. So yeah, short lived, but I'm, I'm here for now. Yeah. Like most of your trips to New York are like in and out in a day or two. Um, but I'm glad we, I'm glad we are talking. So we're talking about LVMH this week. Um, LVMH had their earnings on Monday. We were talking about LVMH and Louis Vuitton in our team Slack and about how they really just didn't inspire much in the past season. We had our Paris Fashion Week episode, and I feel like we barely talked about any LVMH brands during that time. Louis Vuitton, I think, came up once.

1:06Their earnings were not super exciting. We won't spend a ton of time on the numbers, but I do want to talk a little bit about that because there's just as a basis. But I thought we would just discuss what's going on at LVMH. I mean, they're obviously still huge, but they're seeing some declining sales. And we can compare to other brands because I don't think it's just overall luxury. Like I do think it's specific to them. And I want to ask you guys your thoughts about their brands and how they're inspiring or failing to inspire, especially compared to some other very exciting brands like Chanel and Prada and ones that we will talk about.

1:39But let's start with the earnings. So their overall revenue was up 1 % this last quarter. But I think notably, and Jill, I think you were the first one to point this out in the glossy team Slack, but their fashion and leather goods sector is down 5%. And that's kind of like the one people think of, like, obviously they have hospitality and food and drink, and they have all these other sectors and jewelry, but fashion and leather goods is really, that's what people think of as LVMH. And that was down 5%. And there's a couple of things that they pointed to overall luxury downturn, lack of demand in China, which we can talk about in a little.

2:14Joe, what did you think looking at some of those numbers? And you were the one who pitched this idea. So why did you find that notable? Yeah, it seemed like there was a lot of buzz around like luxury starting to come back. And it had to do last quarter with LVMH reporting a small, small, small growth, I think 1 % in fashion and leather goods last quarter. And that was the first time in two years. So that kind of people were really reading into that. And the fact that there was kind of a backslide and it's really like, oh, nevermind. Luxury is still struggling and we've got a lot of work to do here.

2:54Something, you know, some of the comments on the call, and I don't know if you guys agree, it really read to me, specifically by their chief financial officer, that like there's not a lot of talk about any changes they're making to repair the situation. Red is very stubborn to me and that they're really betting big on remaining elevated and they need to inspire in any way we can talk about in what ways, but remaining elevated and not changing from kind of the course. Whereas we know Chanel has even come out with more affordable versions of their bags and we know Gucci has lowered prices. They don't want to lower prices.

3:36That's not part of the conversation. And also, I mean, I have some thoughts and we'll get there, I'm sure. But they brought in a couple of new designers and actually where I see a lot of hope and it wasn't talked about a lot, probably because they're not investing as much in Michael Ryder as they are in Jonathan Anderson. There was a lot of talk about Jonathan Anderson where I'm seeing kind of, ooh, this is exciting. And I'm seeing it in many ways. We can talk about it is with Celine. I feel like maybe there's some hope there. And that's a young designer who's not in this kind of designer musical chairs.

4:13And Louis Vuitton is very guilty of either bringing on, you know, Pharrell, somebody, the cultural icon, or kind of rehashing the designers they have again. So anyway, it feels stale. It feels stubborn. I don't see like what they're doing to change the course. And I think they need to do more. It's very like, it's the world that's wrong, not us. And the contrast, I think, with Caring, with Luca DiMeo, who has come in with this really ambitious turnaround plan and lots of changes happening at Caring. And I'll just say one thing, and then, Zofia, I want to hear your thoughts. But looking back, so, Jill, you mentioned that they had a little bit of growth last quarter, LVMH did, and that was exciting because it was like two years of decline.

4:57Specifically, 2023 was a huge peak for LVMH. And since then, their share price is down like 40%. They have, hold on, I have this stat pulled up. So Europe's leading luxury groups, this is a quote from a Reuters article, lost around 330 billion euros in market value since the start of this year, and LVMH alone shedding roughly 40%. And they have a great chart that compares LVMH with Hermes, Kering, and Richemont. And LVMH and Hermes are both at the bottom. If you compare their share price at the start of the year to now, have declined the most. They also were coming from a peak. So that's part of it.

5:37Kering is doing much better in terms of maintaining their share price throughout the year. And Richemont is actually surprisingly almost flat, like almost even with their share price at the beginning of the year everyone else is much lower so i thought that was an interesting contrast um has their jewelry going for them right i feel like jewelry and watches killing it yeah and lvmh's jewelry sector was also up one percent compared to um their fashion and leather which is down five percent um zofia what what are your thoughts on some of these numbers yeah i mean i think that the whole kind of luxury slowdown has been in the news for the last couple of years and I think LVMH has been I guess the biggest target of it just as a small kind of reminder for listeners obviously like they have Louis Vuitton but they also own Dior, Celine, Loewe, Fendi, Givenchy, Laura Piana, Kenzo, Baluti, Pucci, Pateau and Romoa so they've got a lot of brands under their kind of umbrella and something that I think is worth noting is that usually you know if you own multiple brands you would have some overlap in terms of strategies across brands especially when there's like a big kind of luxury trend happening, like the slowdown.

6:47I think this is really where it gets kind of interesting because while with Louis Vuitton, as you mentioned, Jill, like they are being very stubborn with it, with some of their other brands, they are actually introducing some of these more accessibly priced products. Bulgari, they've said that they're bringing in more accessible lines that kind of support customer recruitment and volume. There's items like Sepenti, Divas Dream and B01 among like like the lines that were performing well for them. And some of those anyway are lower priced lines. And obviously that's jewelry and leather goods. So, you know, is it a kind of apples and oranges situation?

7:23But it does feel like, you know, if they're going to be doing, you know, accessible product lines for other brands, why not introduce something like that for Louis Vuitton? And they did mention, obviously, that they are very beholden to their creative director and they're happy to kind of keep it within his vision and stuff. But I think the fun thing to note is that, you know, Gascier was also the first person to actually introduce some of their new products back in 2014. You know, the Petite Mal, which is like the mini trunk that they had, like that was a mini version of something that was a very expensive luxury product.

7:58And he was the first one to kind of do it. So what's happening now and kind of why isn't he doing something like that when luxury is struggling so much? Yeah. Speaking of affordable options, you guys, I feel like we have to talk about it just because it's so timely and it does relate. I think we talked about the fact that the belts last season were so popular. And obviously, Dior and Celine were a big part of that with their belts that were, I don't know, around 1 ,000, depending on the style. but yesterday or the day before there was a lot of buzz online and would love to hear what you guys think in terms of like what that does for the brand about this$95 Dior lip gloss that sticks on the back of your phone like a pop socket and it's all the rage and I want one personally but I mean obviously that more more sales are needed to rack up the type of numbers you would with a luxury product.

8:59But the buzz factor is there. That's definitely something. What do you guys make of it? Honestly, I think it's such a funny product because if you were to tell me that there's like a viral lip gloss that is a pop socket on the back of your phone, I'm thinking like AliExpress type of vibe, you know? Like it's shocking that it's - Or Road, who was mentioned on LVMH's earnings and Sephora is killing it. And they have 8 % growth in that selective retailing sector. So maybe they're taking inspo from those brands. Yeah, I think that's exactly what it is. And I was going to mention that as well, that jewelry did well for LVMH and so did beauty.

9:39And they called out Sephora as one of the bright spots in their earnings this week. So I think that absolutely is connected to this accessibility thing where like people like an entry point. People like that they can get something small from the brand and not have to like take out a mortgage on their house to do it, even for like a luxury brand. And I always think that in the long run, I think it's not smart to abandon that like lower kind of entry point for luxury brands. I get why a lot of them have refocused more and more on like their top, like tippy top, most affluent customer. But I just in the long run, I think people love stuff like that.

10:16I have said this anecdote several times on the podcast, and I don't know if it's still true. But I remember years ago, somebody at Gucci telling me that their socks were one of their best-selling pieces because it was like the cheapest thing. And a lot of people just wanted something from Gucci and they just get the cheapest thing. So I don't know. I think that's an important part of any luxury brand strategy. And a lot of them have abandoned it or moved away from it. So that's interesting. I didn't realize it was$95. So that's very cheap. Yeah, very cheap and great ahead of the holidays. I think that that's going to be like the Prada lip balm something to to buy and kind of put in the stocking but definitely feels like there's quite a few brands I think I saw Chanel earrings with little penguins on them today that felt very kind of accessibly priced like item I mean I don't know it's Chanel so maybe it's not that excessively priced but it feels like it's another thing and I actually did like a little um review of like what is the cheapest thing you can get from Louis Vuitton right now and it's all basically like cards and organizers and it's just it doesn't feel particularly relevant for today's like accessible customer like audience like if I had like an ideal option I would say like a little keychain trunk would be so cute but they haven't done that like what would be your kind of like dream item from LV if they could do something little mini and like cute like what would that be Oh, that's a really good question.

11:43I'm sure they have it. I haven't looked, but I love stationery. And I remember one year for Christmas, Jill got everyone Gucci pencils or pens or something. I think pencil, which was very fun. So, I mean, a little LV pen would be really nice. They probably do have some of those somewhere, maybe secondhand, like maybe from previous years. What about you, Jill? Oh, my gosh. Something LV that would be iconic. This is so hard. I mean, I'm in this brooch mode. I was trying to think of something cute, but anyway, Logomania. I kind of, sometimes I like to lean in. If there was just some LV kind of loud, loud things, I think that's kind of fun.

12:22But yeah, I mean, I think that's a distinct customer. I don't know if that would be, if that would sweep the nation. Yeah. And you do see that, obviously, like a lot of the brands now is that it does feel like a lot of those smaller items are kind of also how they pick up attention online. Like I don't think like Chanel would have necessarily done as well, you know, last season if they didn't have the shoes or if they didn't have the earrings with like, you know, the flowers that people are now like buying off, you know, copies of Etsy. Like that's the kind of thing that I think really brings a brand like a lot of attention and maybe not necessarily sales, but definitely like awareness in terms of where they're at, kind of what they're doing, like what's interesting from that creative designer director.

13:06And, you know, I think with, with Guest Gear, like maybe that's also another question. Like I know that Lucas Olka from Bernstein also mentioned that on the call around Leviton is kind of like, what is happening there? You know, is there going to be any change there? Like, has it gotten a little bit stagnant in terms of what he's putting out? Is it relevant to the customer today? Like, do you think that that's also something that needs to change? Like, is there a possibility that a designer reset would be useful at Louis Vuitton? I do. I also, I mean, on a related note, I have to ask because this is all about like accessible products.

13:44And in this day and age where it's all about like your social posts, you just want to identify with a brand. You want to like say like, I'm a Louis girl or whatever. And so maybe you get that lip gloss and maybe you post it on Instagram, but they're investing a hell of a lot in stores. There's that store and is it Shanghai or somewhere in Asia that's shaped like a ship and it's driving a lot of traffic. There's there. I think there was mention on the earnings call that about the traffic, but was it about like the sales at the store? I didn't see that. Maybe they mentioned it anyway. So it's like, you can go get that Instagram moment.

14:21Maybe that's all you need. Like I'm a Louis girl. I don't need to buy anything, especially if we're going to wear at once and then throw it, throw it and get the next thing, you know? I think you're totally right. And Zofia, you kind of said something like this too, but like having a little thing or something accessible and easy that is you can show off and like the, having the, I mean, having the$95 lip gloss is great, but the fact that it's also attached to your phone and everyone can see it is another good element. And then I was thinking in terms of the accessibility thing, I think this connects to what we were saying about like, are they inspiring right now?

14:55Is Louis Vuitton like really getting people excited because imagine you can only really afford like one, you know, big luxury product a quarter or a year or something. Are you going to get some random thing from Louis Vuitton or do you want to get like Matthew Blasey's Chanel collection? Like, that's the one, like everyone's excited about both. It's been two seasons now and people have been, you know, we talked about it a lot on, on this podcast, like very acclaimed, very like driving the conversation central to like the fashion zeitgeist at the moment. If I'm going to buy one thing, maybe I want something from that collection or from Miu Miu or like these brands that I think are maybe like they might still not even be as big as Louis Vuitton, but they are certainly not as central to the fashion conversation at the moment.

15:42So having something like to take advantage of that energy and having a little thing that somebody can get and you can still keep the other stuff super expensive and exclusive. I don't know. I think that would be smart for them to do. We talk a lot about how the resale market really reflects the mainstream. What's happening in the mainstream? People are searching. People are buying something maybe more affordable. I thought it was so interesting. And I looked at a lot of these recent reports that came out from, I don't know, Rebag and Fashionphile and The RealReal. But we talked about, I think, Dani, you mentioned that LVMH was at its peak before this kind of 40 % decline.

16:19Anyway, in 2023, they had this chart about the most searched brands, which says a lot. Like you love, Celine's hot right now. I'm going to search Celine and see what's out there that I can afford. But 2023, LVMH had four of the top 10, LV, Dior, Fendi, Celine. In 2024, again, they had four of the top 10. In 2025, they had five of the top 10, Louis Veselin, Dior Fendi, LV. 2026, one of the top 10. And Chanel, for the first time, had topped Louis Vuitton. So overrode Louis Vuitton. Louis Vuitton was the only one there. The row moved way up. Gucci had a little bit of traction and saw some growth on that list.

17:02But yeah, they were like, anyway, crickets, like nowhere to be found. One of the top 10. That is quite the backslide in my eyes. I thought that was really telling. Yeah. And that's like that shows that the excitement and the energy is not with them. And then also financially, I was looking at Chanel's earnings. They only report once a year, but they are crushing it there, too. Their sales were up 16 percent in the first half of the year. Growth in every region, including China, which is like where most of the other luxury brands are and luxury conglomerates are not seeing growth there. They're either flat or they're struggling like LVMH.

17:38So Chanel, I think, is just dominating. And I do think the creative leadership and the excitement around the creative leadership is a big part of that. I mean, there's obviously a million other factors and operations and technical stuff, but I absolutely think the excitement around the creative is part of that. them. Yeah, definitely. And I think that it's also maybe something to do with seasonality. And I think this kind of harks back to the resale component as well. LV's items, I don't know if I would really call them seasonal anymore. Like I know that they did a bunch of collaborations, obviously, some of the like most well known ones, you know, with some of the Japanese designers, I think they've done collabs in the past.

18:16So there are a little bit of, you know, seasonal items or things that you can get that are only available part of the time. But I wouldn't say that, for example, a Neverfull that you can get now is any different than one that you'd be getting, you know, a couple of years ago. And maybe that's also prompting a little bit of that kind of resale slowdown. It's just like, well, if the bags are the same and, you know, the items that you're getting on resale are the same, then there's not really an incentive to keep looking, especially as the seasons change. I don't feel like in terms of kind of Gesquiez collections that there is a lot of kind of difference and maybe like identity change with the collections.

18:55You know, I would say that what he's putting out now is probably quite similar and quite universal to what he put out, you know, five, 10 years ago. I don't know if you feel the same way, but it definitely feels like some of these other brands, Dior including, you know, and, you know, Chanel, I think both of those have put out collections where I can see definitive kind of differences between each season, each collection. The bags are different. The like colors are different. LV doesn't really have that because obviously so much of it is around their kind of logo and identity and the Browns and, you know, the LV kind of logo in itself.

19:34Yeah. In terms of the Michael Blasi at, anyway, I butcher his name, at Chanel, new designer over the last couple of years, right? Maximilian Davis at Ferragamo, new designer. He's one of his first collections. It's an it bag, that wrap bag. And anyway, I have data around that too. I'll dig it up. But Michael Ryder at Celine. It's just like this new class. I feel like we need to be giving them, I don't know, putting more weight on what they're doing, giving them more free reign to do more. I just feel like they're where it's at. And that's where there's excitement. And let's maybe move on. I don't know what we do with these other guys.

20:13But it's just like old news. And I also want to say, do you think that LVMH, Louis Vuitton, a couple of the brands, I don't think that they're doing enough with this nostalgia moment. Obviously, they've got these bags that are evergreen and they're around a lot. I mean, there was kind of a Fendi baguette deal, but obviously that's iconic. And I know last year, 2025, Louis Vuitton had that relaunch of the Mirakami collection. That drove some buzz. That drove some sales. It was mentioned in earnings. they've got a lot of icons in their wheelhouse, I would say. And I don't feel like they're using it to their advantage.

20:51I'm sure they've got their reasons and elevate and evolve and all, whatever they're telling themselves. But I definitely feel like it's kind of a missed opportunity. Do you think? Yeah, I, I, I agree with you, Jill. And I'm going to say two things. So first I feel like when there was all this new blood coming in and all of the brands had new creative directors and we did that episode, that was very fun where we were ranking all the debuts because there were a bunch of debuts happening at the same time. We talked about how, you know, it's cool to see new people, but also sometimes it sucks that they let someone go.

21:25And, you know, sometimes you need more time to cook and, like, get a hang of, like, working with this brand. And some designers did their best work only after a couple seasons. All that is true. I do agree that sometimes, though, it's like, okay, we need something new here. Like, whether it's a new person or we need the person who's here to, like, do something new. So I agree and I definitely feel some Louis Vuitton or some LVMH brands are in need of that. Also, in terms of leaning into like nostalgia and some of the older collections, I mean, two things there. One, I feel like brands are more in competition with their own older collections now and not just with other brands' new collections because it's like the new Louis Vuitton stuff isn't working for me.

22:06So I'll just buy like secondhand Louis Vuitton from five to ten years ago or more. and you're still like buying something Louis Vuitton, but then they don't really get the sale. And that's part of the reason why luxury brands are sort of hesitant around resale and have been for a long time. And then the other thing is you're right that like the Murakami thing was very much like, remember this and it was, and people liked it. And it was, like you said, that was mentioned in the earnings, received very well. I haven't seen them doing a lot of that, but also not really breaking new ground either.

22:36So it's sort of like, if you're gonna play the hits, you should like play them, you know? and uh i feel like pharrell coming in had had some excitement but i don't know i feel like that's been kind of quiet too the men's collections i feel like there hasn't been as much uh excitement i know he did like a beach themed kind of show and collection recently which i saw a little bit of talk about but i don't know even there i like his work with the time but i feel like that has also not been uh setting the world on fire yeah and i'm wondering if that's part of the problem with getting these people who, you know, are celebrities, but also probably very apt in terms of understanding their contracts and commitments to brands and kind of the way that they want to put themselves out there.

23:18I think that Pharrell, you know, picks the projects from Louis Vuitton that he actually like enjoys or is doing something with. I think we talked about it a bit yesterday, but he's kind of involved in the sports effort that they have, you know, does some of the designs for some of the sport teams that Vuitton is involved with. But I do think he's not as visible as I thought that he would be, especially since he's still a celebrity face. And I think one thing to note just from Instagram research post kind of fashion month is that some of the biggest kind of videos that really popped off were some of the celebrity ones.

23:56And with Louis Vuitton, it felt like Pharrell was notably absent from the Paris Fashion Week shows and has been since they shut down that bridge in Paris like way, way long ago. Yeah, I want to ask you guys two more things. We don't have to spend a ton of time on this, but I feel like the China element in LVMH's earnings was kind of interesting to me, just that they were seeing slowdown there. And like I said, lots of other luxury brands have seen the same thing. Gucci closed their flagship in Shanghai earlier this year. But I mentioned this earlier, Chanel is doing well there. And there's a couple other luxury brands that are still, Xenia is still doing very well in China.

24:35Ralph Lauren has been doing well in China recently. So I don't think it's just, I think there are some factors that are like, you know, the China luxury market is slowing down because there's crackdowns on like, you know, tax evasion among like wealthy people in China, which is probably good. And, you know, other things like they it's more of a mature selective market now like all of that's true but there are western brands that are doing great there and lvmh is not one of them like a company that's not doing great there so do you guys see any what do you think about that element well did you guys see i there are several mentions of this and i'm like where was i or i didn't see a lot of press maybe in the u.s or maybe i was just busy but there were a lot of mentions of um the scandal it seemed like they were intentionally trying to lay low in china the tea the tea brand yeah yeah Yeah, and it read to me like they were trying to lay low.

25:27And so, of course, they're going to backslide. They wanted to kind of dodge this fiasco. So, yeah, I guess they sued for trademark infringement. This was like a beloved brand locally and really frowned upon. Is that how it went down? Yeah, Zofia, do you want to summarize real quick for us the Mali-T incident? Yeah, definitely. so obviously Cabanas noted during the earnings call that the Mollie Tea controversy had a negative kind of impact in the quarter so obviously there's a financial impact here basically it's a whole legal lawsuit we get a lot of these with luxury brands where logos for example are used across multiple brands and you know they end up getting into fights over it so as Suzu court ruled on June 29th that Chinese tea chain Mollie Tea did infringe on Vuitton's registered kind of four petal flower trademarks.

26:19They use the same trademarked kind of logo for their own branding for Molliti. And essentially, Molliti ended up having to pay$1.5 million, including legal costs. They also said that they would appeal. People in China are angry, obviously, because Molliti, as you mentioned, beloved local brand, that similar kind of floral motives, they said, you know, exist in Chinese decorative art. Basically, they're saying the Vuitton is trying to monopolize on their cultural heritage. And this is another kind of massive sticking point with some of the controversies that have come out of China is that there's a lot to do with kind of Chinese national heritage, a lot to do with kind of cultural pride, you know, always got to do with kind of cultural behaviors too.

27:05I think we've seen the Dolce & Gabbana ad that, you know, got them in very deep water in China as well. Like that is something that has come up again and again. I feel like this is the same thing here. And I think it's, you know, a legal victory for Louis Vuitton, but it is costing them in sales. Because as soon as, you know, Chinese netizens see that there is something like this happening to a local brand, they essentially, you know, block the brand. They don't buy stuff from them. They don't end up going there. And even though, you know, they did mention on the call that the ship store is seeing a lot of demand.

27:41I'm assuming that sales wise, it is not kind of coming up to the same thing because the ship is a destination, whereas like the sales, you know, maybe slightly less. So I would expect that this is still going to have a reverberating effect on the brand. It does carry on for a little while. People there have a long memory, like they don't like luxury brands to kind of mess around with local kind of history and heritage and accuse local brands of doing that. Has Stilchian Gabbana taught you nothing? No, okay, sorry, go ahead. And that logo, like the four-pointed flower, I'm like, one, that's just a flower that exists in the world.

28:20But it's also, it's a pretty simple geometric shape. And it's like, I don't know, it's very easy that multiple people could land on that. If it was like the LV logo, which I feel like it's much more distinct. I also don't even really think of the four-pointed flower thing as, I don't even think of that as the Louis Vuitton logo. I understand that's part of their like common patterns, but I don't know. So, yeah, that definitely had an impact. And last thing I wanted to ask you guys, I was talking with our wonderful producer, Sarah, about this the other day. A lot of times the coverage around LVMH kind of treats them as representative of the whole luxury industry.

28:55Whenever if LVMH does badly or like has earnings that aren't as good, all of the articles would be like luxury faces a downturn. And then it goes into LVMH. They kind of get associated with the entire sector as a whole. And I think that's fair because they're huge. They're like a third of the entire luxury industry is LVMH. So that is fair. But I often wonder when I'm reading coverage or thinking about LVMH, I'm trying to separate what's happening because of the whole industry and what is their own decision making. And that's why I've been trying to call out where they are diverging from other companies like Chanel is doing great in China, Ralph Lauren's doing great in China, that kind of thing.

29:32So I guess I wanted to ask you guys, like when you see stuff about LVMH, do you think this is, I don't know, do you think this is applicable to the whole luxury industry? Personally, I always think like, well, how is Chanel doing and how is Hermes doing? Like they're the ones that are killing it. And if they're also down that then red flag, red flag. Beyond that, like there was there were some stats because everybody's like, well, China's sales are down, but U.S. sales are still kind of good. It's like this robust market. One of the publications, maybe Reuters, maybe Bloomberg, had this great, I mean, true stat, Citibank, that spending on luxury goods in the U.S.

30:13has fallen 4 % in each of the last three months. So, I mean, that's more telling than LVMH's earnings, I think. Yeah, I think so. And I think those local results are really kind of indicative. I do also think it's kind of hurting them that LV is still kind of in the name of the whole kind of ownership structure. Like a lot of people will think, okay, Louis Vuitton, LVMH. Whereas, you know, they own such an umbrella of brands. It's like if Kering would be calling itself the Gucci group instead of calling itself Kering. People would be the same way. I think that fashion is still widely misunderstood as a sector.

30:52And I think that having LV in LVMH ends up people kind of simplifying that. So maybe it's not just, you know, a kind of results thing. Maybe it is just as simple as take the brand name out, the group name. And people might actually think a little bit more about the brands that, you know, are affected more widely. All of the brands that LVMH owns, not just Louis Vuitton. Yeah. Even in this conversation, I've had to catch myself multiple times referring to Louis Vuitton when I mean LVMH. It does kind of trip you up a little bit. Anything else you guys want to say about LVMH before we wrap up? The Ferragamo bag is not called the wrap bag.

31:30It's called the hug bag. And I messed it up. But anyway, it's fabulous. And I want one. And then also, I just wanted to say as a side note, don't you guys think it's funny? I would think that a brand would try to do this as a stunt or just for marketing. Think of Golden Goose sneakers. And we know that they just look beat up out of the gate. And we know the rise of these resale bags that are in fair condition. I'm surprised a brand hasn't come out with a new bag that looks beaten up, but maybe that says something about their quality. I don't know. Yeah. I think that's all the time we have this week.

32:04Thank you guys for joining to discuss LVMH. And thank you all for listening.

32:13And thank you for listening to the Glossy Podcast. Don't forget to give us a rating and a review on Apple Podcasts or Spotify, wherever you listen to this, because that helps us out so much. And don't forget to subscribe to the Glossy Podcast to hear interviews with industry insiders. And we can review segments where we break down the news. The new episodes come out every Friday. Until the next time, thanks for listening.