Giants like LVMH and Kering enjoy scale benefits that are hard for competitors to overcome, but there’s still hope for smaller players, writes Pierre Mallevays.

The Gucci owner has hired former Estée Lauder executive Raffaella Cornaggia to lead its new beauty division, echoing the formation of the group’s eyewear unit in 2014. Why now for beauty and does this mean the beginning of the end of the licensing model for luxury brands?

In the long run, luxury brands that lean into timeless products consistently outperform their more fashion-driven peers, writes Pierre Mallevays.

After avoiding markdowns for much of the last two years, many brands returned to their old ways this holiday season. Are discounts a necessary evil?