But even at grander affairs during the 2026 Awards Season, bare necks have been a common phenomenon. At the Golden Globes, Erin Doherty, Tessa Thompson, and Jessie Buckley wore Louis Vuitton, Balenciaga, and Dior, respectively, without any necklaces. And earlier at the Annual Critics Choice Awards, the same can be said for Mia Goth in Dior, Ariana Grande in Alberta Ferretti, and Leighton Meester in Carolina Herrera.
Rather than a stylistic choice, the scaling back of diamonds and jewels could reflect a global luxury industry shaken by economic headwinds and inflationary concerns. In 2025, LVMH and Kering’s net profits both dropped 13 per cent to 17.8 billion euros and 14.68 billion euros, respectively.
Looking forward, China’s luxury market will also remain subdued in 2026, according to J.P. Morgan. “Given the ongoing trends volatility, and no material acceleration in the underlying demand for luxury at the moment, retailers and experts expect luxury sales to be broadly flattish next year,” says Chiara Battistini, the Head of European Luxury and Sporting Goods at J.P. Morgan.
In 2025, more than 20 European houses brought in new creative directors, with more than 15 debuting in September 2025 for the Spring/Summer 2026 season. Significant online buzz surrounded the spectacle, but reinvigorating stagnating sales remains a challenge as low-ticket items with entry-level price points remain scarce, prices continue to rise, and very important clients (VICs) are still evaluating the changes in creative directions.