This past week, the Q1 2026 results of the big luxury groups didn’t do a whole lot to assuage concerns that the industry is in trouble. Of course, most companies missed analyst projections because of the war in the Middle East, not fundamental changes in consumer tastes or behavior. And yet, those also exist. Pretty much all anyone is talking about right now—on analyst calls, at Kering’s Capital Markets Day, over late lunches, and after work drinks—is the success of Matthieu Blazy’s first ready-to-wear collection for Chanel, which we know is real but won’t be able to measure until June 2027, when the privately held company releases its 2026 annual results.