Quiet luxury emerges as one of the prominent trends in 2023, encompassing an elusive quality that defies easy description. It possesses an enigmatic allure, something that becomes apparent only upon observation. Quiet luxury embodies a gentle and tactile essence, characterized by soothing hues of beige and grey. Vogue aptly portrays it as a refined state, less severe than minimalism yet more polished than "normcore." Notably, quiet luxury adamantly shuns any form of branding or logos, manifesting in its purest form.

As the spring season progresses, this trend gains momentum, partly propelled by the popularity of television shows like Succession that feature the opulent lives of the elite. In its rise, quiet luxury harkens back to a reminiscent time of economic uncertainty in 2008. This resurgence presents an advantageous opportunity for brands such as Everlane and Armani, which have long embraced and promoted the concept of quiet luxury.

What exactly is “quiet luxury”?

Quiet luxury is defined as “clothing of the highest quality, but also clothing that has timelessness, is sophisticated and understated”, Thomaï Serdari, director of the fashion and luxury MBA programme at NYU’s Stern School of Business, said.

That means no big, gold Gucci belt buckles or Louis Vuitton logo handbags – items that scream “I paid a lot of money for this”. Instead, think of clothes that whisper: cashmere jumpers, silk button-downs or wool overcoats rendered in neutral tones and expensive materials.

And, of course, everything is expertly fitted “because someone has taken the time to design the structure of the garment, as opposed to something that is disposable and is made to sell only as a two-dimensional product” like fast fashion, Serdari said.

Why is “quiet luxury” so popular now?

Like most other fashion trends, the move toward quiet luxury, or “stealth wealth”, is part of a cycle. When pandemic-era restrictions began to ease in 2021, fashion trends swung toward “peacocking” and “dopamine dressing”: bright colours, loud prints and flesh-baring styles. So it only makes sense that after the thrill of emerging from lockdowns flush with cash wore off and the economy swung in the other direction, fashion trends would shift as well, Lorna Hall, director of fashion intelligence at trend-forecasting firm WGSN, said in an email.

Then, of course, there’s the hit HBO series Succession, where characters regularly wear US$600 cashmere baseball caps in neutral colours and sans logos, and subtle but expensive Tom Ford sunglasses. Their stealth-wealth style is intended to convey “expensive and tasteful” though, of course, the characters don’t quite behave that way.

But there’s more going on here than just typical trend cycles or a popular TV show. Hall said that the state of the world is heavily influencing how people are dressing.

In fact, this isn’t the first time quiet luxury has dominated fashion – it became a major trend in 2008 amid the Great Recession.

Which brands are positioned to benefit from this trend?

At this point, quiet luxury has become so popular that even luxury brands themselves are being asked about it. Analysts asked CFO Jean-Jacques Guiony how the trend could impact the company’s stable of luxury houses, which includes Louis Vuitton, Dior and Fendi, among others.

Guiony noted that the trend was also popular around 15 years ago, during the Great Recession, and said that while he believes most consumers still want logoed products, LVMH offers plenty of “discreet” options for customers as well.

According to Serdari from NYU Stern, Loro Piana, an esteemed brand under the LVMH umbrella, stands to gain significant advantages from this trend. Loro Piana has earned renown for its exquisite cashmere jumpers that effortlessly combine simplicity and opulence. Additionally, Serdari pointed out other notable brands that align with the ethos of quiet luxury. These include Brunello Cucinelli, an Italian luxury house known for its exceptional craftsmanship, as well as Hermès, a renowned French leather goods firm. Armani, with its longstanding commitment to quiet luxury spanning almost two decades, also emerges as a brand poised to benefit from this evolving trend.

However, it is important to note that a cashmere jumper from Loro Piana commands a price tag of approximately US$1,700, while even a second-hand Hermès bag begins at around US$5,000. If these price points exceed your budget, there are alternatives available from mass-market retailers who embrace the principles of the quiet luxury trend. These retailers focus on producing durable and sustainably made clothing in timeless fabrics and silhouettes. Serdari specifically mentioned two direct-to-consumer brands, Everlane and M.M. LaFleur, that excel in providing high-quality products at accessible prices, enabling a wider audience to partake in the allure of quiet luxury.

Not everybody can afford to be dressed in Loro Piana and Brunello Cucinelli.

It’s more about the aesthetic, but perhaps also thinking twice about whether you need a jumper that is going to fall apart in two washes or whether you want to wait and invest in something that you can wear for a few years.