High fashion headlines: This week in luxury fashion

The luxury fashion world thrives on opulence, exclusivity and constant reinvention. This week, the industry spotlight shines on heritage icons, fresh creative chapters, and statement accessories re-imagined for a new era.

Not your average Birkin

Hermès continues to dominate conversations with its rare and record-breaking Birkin bags. Among the most coveted are the Sac Bijou Birkin, a rose gold masterpiece encrusted with thousands of diamonds, and the elusive Birkin 30 So Black in crocodile leather.

These pieces are not just bags but prized trophies of design excellence and scarcity, fetching multi-million dollar figures at auctions worldwide. For collectors and fashion insiders alike, they represent craftsmanship at its peak, where artistry meets exclusivity.

High fashion gets a whimsical twist

Marking a decade of its iconic Puzzle bag, Loewe is celebrating with the Puzzle 10 collection. The drop includes 19 re-editions from past seasons and a new, sequin-covered version that turns the origami-like design into a glittering showpiece.

The Spanish brand, under Louis Vuitton Moët Hennessy (LVMH), is taking the celebration global with pop-ups in Bergdorf Goodman and Harrods, and exhibitions in Beijing and Taiwan. It’s a reminder of how a single silhouette, when done right, can become a cult classic with staying power.

Asian redirection amid Trump tariffs

Chanel reported a 28.2 percent drop in net profit, pointing to "challenging macroeconomic conditions" in several key markets, especially in the Asia-Pacific region. Global revenues dipped 5.3 percent, but the house ramped up investments in real estate and store expansion in cities across China, India and Mexico.

Despite uncertainty over US tariffs, the brand continues to bet on emerging markets and maintains its twice-yearly price adjustment strategy. “We are waiting to see what will be the outcome of all the ongoing discussions,” CFO Philippe Blondiaux told Vogue Business.

Audaciously on brand

Italian designer Pierpaolo Piccioli is officially the new creative director at Balenciaga, replacing Demna. After 25 years at Valentino, Piccioli brings a reputation for poetic couture and emotionally charged design. His debut collection will launch in October, and industry observers are eager to see how he will balance Balenciaga’s edge with his own refined sensibility.

The change comes after Demna’s controversial tenure and recent move to Gucci. According to Kering, Piccioli’s “mastery of haute couture” makes him the right fit for the job.

A gamble for resilience

Meanwhile, last week Burberry faced a storm, reporting a staggering £75 million ($100 million) loss for the year ending March, a dramatic drop from the £270 million profit it posted the year before. With revenue plunging 17 percent to £2.46 billion, the British luxury giant announced ruthless cost-cutting measures, putting one-fifth of its workforce on the chopping block. Yet, surprisingly, its shares surged 17 percent, showing the market’s faith in Burberry’s bold gamble to rewrite its story.

This week in luxury is a masterclass in resilience and reinvention. From Hermès’ jaw-dropping diamond-studded Birkins to Balenciaga’s fresh creative reign under Pierpaolo Piccioli, the industry proves that legacy alone will not keep you relevant. It takes daring innovation, fearless leadership, and an unshakable identity to own the future of fashion and that is exactly what these icons deliver.