We should think about luxury fashion in the same way as Michelin star restaurants.

Had some great conversations with fashion-curious friends this weekend that are completely outside the industry. They do not know each other and work in completely different industries. They asked the same question:

"Why does that stuff cost so much?"

There's been a lot of digital ink spilled over luxury's decline and the root causes. Most are probably right. I'm concerned with the how to proceed and find success in a Post-Flex Economy™.

As I broke down the clothing development, production, overhead, all the many skilled people and processes it takes to arrive at a garment, I found myself using the same analogy: fine dining.

I was lucky enough to experience a 3 Star tasting menu at Osteria Francescana (Not flexing. I stayed up until 2am to get an undesirable res 9 months out). It was expensive, fleeting, and entirely worth it. Around course 6, your brain starts to ask yourself "is this WORTH it?" and with each round, I attempted to form an answer.

I realized that in such an experience, you're not just paying for the food in front of you; you're paying for the countless hours and ingredients spent CREATING the idea for the dish. The years of professional experience that unlocks an idea. Making a sauce 100 times, tweaking until it's perfect. If you've seen season 3 of The Bear, you understand.

The same is true in luxury fashion. At the craft level, where I've spent the majority of my time, you do not have the economies of scale of the behemoths. Everything costs you a ton and represents a massive risk. Each choice optimistic and informed by a unique body of experience and interaction. At the behemoths, you can't rest on your laurels - you need to be MAGIC. Enter couture, historic runway collections, et all.

But your customers can't tour the kitchen. There is no Netflix series about what it took for your brand to succeed. Nobody reads product page copy. And for a very long time, that ivory tower was NECESSARY to be luxury. It was mystique and prestige and alchemy.

But that's the thing about the old days...

I don't claim to know everything or have all the answers, but I am very good at watching how people perceive products, and right now, brands are doing a terrible job of justifying their value proposition.

First it was DTC - "We use the same factories as X and bring it directly to you at half the cost". That was novel. 2021 was easy - money was cheap, flexing was popular. A hot logo with a big price tag won. But that's no longer the case.

So what do you do?

Let your customers see the kitchen. Have the chef come to the front of house. Create your own Chef's Table - both literally and as content. Some innovative brands are shifting to Made to Order, inviting the customer in to the creation process, a hand-on demonstration of value. Use that as a content POV and produce it to the level of Netflix's documentary series.

In my opinion, it's worth it.