This article is part of the Vogue Business Index: H1 2025, an bi-annual objective scorecard of the 60 top luxury fashion brands, based on revenue. Executive Members can read the full Vogue Business Index here.
The past five years have fostered significant change within the omnichannel space, from the pandemic-induced decline of physical retail to the fall of the e-commerce giants. As captured through all 10 editions of the Vogue Business Index, luxury brand strategies have had to constantly adapt to an environment in flux.
We’ve witnessed the innovation of e-commerce, novel approaches to physical retail and loyalty strategies becoming essential to long-term success — some surprises, some evolutions. But as a pillar particularly vulnerable to macroeconomic change, the next era of omnichannel is only ever around the corner.
Omnichannel titans
In this chapter, we dive into brands’ retail and e-commerce performances, including their physical footprints, e-commerce outlets (such as on Tmall and JD.com) and onsite engagement. Research is conducted via an audit of these features, with individual metrics weighted to consumer importance. For this pillar, a total of 29 cities have been tracked — 14 established, 15 emerging — to map out the global presence of brands and offer insight into their physical retail strategies.
Gucci maintains its lead in omnichannel, a spot it has held for the past three editions of the Vogue Business Index, through a strong retail presence across established and emerging cities. Of the cities tracked, Gucci has a presence in all, something only Louis Vuitton, Hugo Boss and Tommy Hilfiger have also achieved. As for retail, Gucci boasts a wide range of in-store and online features — from the ability to communicate with the brand via Whatsapp to the customisation of products — making the Italian legacy label a strong contender.
Dior (second), Hugo Boss (third), Prada (fourth) and Burberry (fifth) closely follow, making up the top five omnichannel brands. Together, they boast a strong global presence, particularly in established cities where they are each present in the 14 monitored. Burberry has a slightly smaller footprint in emerging cities, present in just 12 of the 15 tracked. The British brand’s global e-commerce presence, however, is stronger than the likes of Gucci, owing to its innovation in social commerce, such as sales integration on Instagram.
Satisfying online and in-store experiences
Satisfaction in physical and online retail has shifted over the half a decade that the Vogue Business Index has run. The average score for brands offering an exceptional in-store experience has increased by 3.3 per cent over the past five years, while the average score for those offering an exceptional online experience has increased by 8.1 per cent. The first Index, published in May 2020, represented the beginning of the e-commerce renaissance, ushered in by the pandemic. At a time when consumers had no other choice than to shop online, some brands were unable to adapt at a fast enough rate to satisfy demand, but for many, this meant a period of huge investment, resulting in a more satisfactory experience for consumers today. Since the post-pandemic return of bricks-and-mortar retail, brands have innovated in new ways — from the inclusion of circular solutions and hospitality spaces to the premiumisation of stores — offering consumers fresh ways to physically engage with brands.
Among the top five omnichannel brands, only Prada failed to show uplift in its digital experience, while also witnessing a 3.9 per cent decline in positive perceptions of its in-store offering. Considering continued investment from the brand in its hospitality division, including opening cafés in London (2023) and Singapore (2025), the fall suggests brands should look beyond consumption to deliver shoppers experience-led activities relating to hobbies or wellness.
Gucci sits above average for its digital experience (6.63 vs 6.5 average), which is unsurprising considering its historic investment in digital worlds. Hugo Boss, however, another keen digital investor, performs more poorly in this area, with an average score of six out of 10. For Hugo Boss, this comes at a time of a big digital push; it announced plans to publish AI-generated product content across its e-commerce site in January 2025 to boost engagement. The resulting product videos, deriving from model imagery, will aim to highlight the movement of the garment and fabric composition, enhancing its online shopping experience and potentially lifting the brand’s score.
For consumers, nailing the fundamentals is vital. When shopping for luxury fashion, real-time stock availability across channels (81 per cent), the ability to return products across channels (76 per cent) and shop them in local currency (70 per cent), rank as some of the most important features. Brands should look to perfect these basics ahead of investing in costly innovations.
Intimacy and exclusivity foster loyalty
During a tumultuous period for luxury, loyalty could act as a linchpin for success, offering stability through reliable revenue. Beyond traditional rewards programmes, which better suit the fast-moving consumer goods industry, loyalty within luxury spans a wider range of retention drivers through fostering emotional connection, exclusivity and personalisation — all made possible through an elevated omnichannel experience. Sylvain Langrand, CEO of premium concierge service Velocity Black, echoes this: “Exclusive experiences and personalised, 24-7 service are core to cultivating loyal and engaged customers. With a highly affluent and well-connected member base, it’s critical to offer our members access that most people can’t get or didn’t even think was possible.”
Eighteen per cent of brands advertise a loyalty programme, up from 12 per cent in the Vogue Business H1 2024 Index. Priority access is the most offered reward for customers across luxury loyalty programmes. Of the 11 brands communicating these schemes on their e-commerce sites, nine offer priority access, giving clients exclusive previews of new collections. As brands look to expand their circularity models, loyalty programmes can include perks that promote the maintenance of goods. Both Maje and Hugo Boss offer free alterations for their loyal customers, with Hugo Boss also offering product repairs in line with its tiered membership. Gucci and Ami Paris offer exclusive content through their membership schemes; the latter of which via its Close Friends Instagram Story, helping to foster a sense of intimacy among clients.
For most brands, loyalty incentives are an unwritten rule. Hermès, for example, controls access to its coveted Birkin bag — where demand thoroughly outstrips supply — meaning clients are required to rack up repeat purchases and nurture relationships with store advisors to be able to take the plunge. For consumers, this acts as a feedback loop: shoppers remain loyal with hopes of receiving the chance to acquire an item, which is then reinforced if they are lucky enough to access the product.
While not all brands are at liberty to introduce an Hermès-like model, exclusivity as a means to drive loyalty can be exhibited in other ways. At Selfridges, the Selfridges Unlocked scheme allows members to access film releases, supper clubs, as well as a birthday treat and concierge service. Velocity Black offers a custom watchmaking experience with Girard-Perregaux in the Swiss Alps, or weekend shopping trips to New York, Paris or Milan, complete with fashion show attendance and private shopping. Elsewhere, Miu Miu featured 70-year-old Shanghai-based doctor — and revered Prada Group client — Qin Huilan in its runway show for Autumn/Winter 2024, while designer Simone Rocha loaned collector and fashion critic Mandy Lee her wedding dress. Faceless tactics may drive widespread loyalty among consumers, but the most effective form is built on authentic relationships between a brand, its sales associates and its clients.
“By leveraging stored member preferences and expert knowledge, we proactively curate experiences tailored to each member’s passions.” Velocity Black’s Langrand says of the company’s loyalty drivers. “It isn’t about accumulating rewards; it’s about delivering hyper-personalised, world-class experiences effortlessly.”
Luxury retail beyond the big four
Across all editions of the Vogue Business Index, the average presence of brands in the cities tracked declined by 10 per cent. Between a global pandemic, rising rents and a cost of living crisis impacting consumer spending, the last five years double as one of the most challenging periods in recent retail history — and luxury is not exempt.
Of the 19 cities monitored across both indexes (H2 2020 and H1 2025), only two — Seoul and London — see significant growth in brand presence. Despite sociopolitical volatility, Seoul remains a burgeoning luxury destination whereby 54 of the 60 brands in the study have monobrand stores, placing above Hong Kong (52 luxury brands present), Milan (50) and Dubai (49). London, meanwhile, is the only city where all 60 Index brands are present.
Among emerging luxury destinations, brands have withdrawn from markets including Jakarta (-35 per cent), Ho Chi Minh City (-29 per cent) and Bangkok (-18 per cent). More classic luxury locations such as Paris (-1 per cent) and New York (1 per cent) remain stable, despite some brands cutting back on retail space.
The lack of growth in Paris and New York does not necessarily indicate a deprioritisation of these markets, however, as almost all (57 and 58, respectively) brands remain present. Comme des Garçons opened at Dover Street Market Paris in May 2024, and Louis Vuitton is renovating its flagship store in New York, currently disguised as a stack of luggage. But with the ‘fashion hub’ label comes high rent. And the past five years have ushered in a wave of investment in short-lived pop-up stores and less traditional fashion regions instead.
Tapping into tourism beyond these traditional luxury spots is serving brands well. Last summer, pop-ups by Chanel (Mykonos), Jacquemus (Saint-Tropez), Balmain (Athens) and Miu Miu (Cannes) each lent into the sunkissed summers of their high-net-worth clients. Balmain’s first European beach club pop-up proved successful, with consistent sales in swimwear and ready-to-wear, as well as an even stronger performance in signature embellished garments and accessories, according to the brand. Social media posts featuring Balmain’s activation at the One&Only resort generated $63.2 million in earned media value, per Lefty, which is the equivalent advertising spend to generate the same number of impressions.
Elsewhere, in up-and-coming luxury hub Austin, retail ranks second after food in terms of domestic tourist spend, while in Edinburgh, a city known more for its history than its luxury, Gucci opened its first UK monobrand store outside of London in September 2024.
Tourism aside, there’s value in setting up shop outside of major cities, too. British department store Flannels is opening stores in UK towns and cities historically neglected by luxury, such as Blackpool, Hull and Swindon, with the mindset that luxury consumers can be anywhere. Outlet destinations, often located on city fringes, are undergoing a premiumisation. Bicester Village in Oxfordshire, England, has upgraded its food offerings to include Ottolenghi and Shan Shui, while China’s Florentia Village now offers premium services to VIP customers such as hands-free shopping. Luxury consumers don’t exist solely in New York, London, Paris and Milan, and brands should aim to provide accessibility — without compromising on exclusivity — for the non-urban consumer.
Case study: Jacquemus stores make a splash
Jacquemus entered the omnichannel pillar at 59th place this edition. A relatively new brand at 16 years old, Jacquemus’s omnichannel strategy does not yet measure up to those of heritage brands spanning decades. With no presence on Chinese commerce (JD.com and Tmall) and only shoppable in three currencies (USD, EUR and GBP), Jacquemus has a long way to go in scaling its global commerce operations. Its physical expansion, however, has made a lasting impact on consumers, offering some key learnings for its older counterparts. Entering monobrand retail in September 2022 with a pop-up on Paris’s Montague Avenue, the brand is a relative newcomer to the world of bricks-and-mortar. But its slow-and-steady approach has paid off. The label has gradually built excitement among consumers while finessing a robust strategy. In March 2025, Jacquemus had just four monobrand stores in Paris, London, New York and Dubai, with healthy revenues at each making it the most efficient brand per store in the Index.
Despite being one of the smaller Index brands when it comes to revenue, the virality and impact of these spaces has been notable. The brand is the fifth highest scorer in exceptional in-store experience at 7.31 out of 10, sitting just behind the likes of Hermès, Gucci, Dior and Giorgio Armani.
For Jacquemus, this success has largely been driven by novelty, design and marketing. The New York launch saw breakfast served from a Rond Carré-shaped truck (one of the brand’s sculptural bag families, punctuated with metal finishes), while London featured a tea ceremony as well as a competition to win a cult Bisou bag. Engagement is easier to secure when something is shiny and new, so only time will tell the longevity of the spaces. After all, the VIP salons and ever-changing installations may be just enough to keep clients coming back for more.
Key takeaways:
- Luxury has seen increased satisfaction in the past five years. Average scores for in-store and digital experience have risen, highlighting how far luxury has come in improving e-commerce functionality and in-store excitement — Jacquemus’s recent store launches are a prime example of the latter.
- Loyalty to the rescue. During an economic downturn, loyalty can foster much-needed results for brands — whether through traditional schemes or unwritten rules — and they should look to be more experimental in how they reward loyal shoppers, such as via circularity or community.
- Looking beyond luxury fashion capitals. Considering the rising cost of retail, brands should re-evaluate where their customers are and how they can meet them there. For brands, this may mean expanding beyond major high-rent cities or popping up in luxury tourist destinations.
