The Year of the VIC: A Tale of Luxury and Aspirational Customers
In the ever-evolving world of luxury, the year 2025 marked a significant shift in focus. As the luxury sector faced its first slowdown in 15 years, excluding the pandemic, the spotlight turned to the 'VIC' - Very Important Customers. These individuals, seemingly immune to economic downturns, were the key to sustaining the industry's growth.
The wedding of Jeff Bezos and Lauren Sánchez, a lavish affair in Venice, showcased the power of VICs. It cost $50 million, a testament to the influence and spending power of this elite group.
Brands and retailers, recognizing the importance of VICs, went to great lengths to cater to their every whim. From exclusive events to cultural adventures, the goal was to create 'once-in-a-lifetime' experiences. Robert Burke, a fashion and retail consultant, emphasized the shift in focus: "Now the emphasis is on acquiring VICs and nurturing these relationships."
Specialized agencies, like 1889 in Paris, played a crucial role in crafting bespoke events for high-net-worth individuals. From private dinners in art collectors' apartments to helicopter rides to castle ruins, the possibilities were endless. Top clients were treated to all-expenses-paid trips during fashion weeks, complete with five-star accommodations, gourmet dining, and personalized experiences.
Aurélie de Royer, the agency's co-founder, advised, "A VIC should never have to take out their credit card."
Online retailer Mytheresa has been a pioneer in courting these top clients, organizing around 50 events annually. From afternoon tea with fashion directors to two-day trips with luxury brands, the experiences were tailored to perfection. Michael Kliger, Mytheresa's CEO, highlighted the importance of variety and the increasing expectations of clients.
Mytheresa recently launched a private club in Saint Moritz, offering cultural moments, trunk shows, and relaxation during the ski season. Kliger noted that the scarcity of time is a key factor for online shoppers, making these immersive experiences even more valuable.
The luxury industry, however, has faced a challenge. According to a Bain-Altagamma study, around 50 million aspirational consumers have been lost due to resistance to price increases. As China's economy struggles, brands are shifting their attention to the U.S., home to the highest number of billionaires.
Louis Vuitton and Gucci will showcase their cruise 2027 collections in New York City, while Dior chose Los Angeles. Moncler Grenoble plans to unveil its fall 2026 collection in Aspen, a first for the Italian brand. Chanel's recent Métiers d'Art show in New York City, despite its unique setting, raised questions about the appeal to high-end customers.
Burke pointed out the untapped potential, especially in regions like the Southern states. He praised Moda Operandi's success in targeting these underserved VIC customers through curated events and pop-up stores.
The key to success in this competitive environment, according to Kliger, is to offer personalized, intimate experiences. "We strive to be the more personal, the more intimate, the more special. We're not competing on size but on emotional benefits."
The focus on VICs has also impacted fashion media. As brands prioritize exclusivity, fashion editors and influencers are being edged out by the super-exclusive club of top clients. This trend is expected to continue, with luxury labels hoping to entice aspirational consumers through designer collections.
The Bezos couple's sponsorship of the Met Gala further solidifies the influence of billionaires in the fashion industry. Burke predicts an even greater emphasis on VICs in 2026, with brands vying for their attention.
