Everyone’s Over ‘Quiet Luxury.’ Here’s What’s Next
Cosy silhouettes and sumptuous fabrics were throughlines of the fashion collections shown last week in Milan
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“Quiet luxury” has become a bit of a dirty phrase in Milan. To some at the Italian brands that embody the term , it’s reductive—an overly TikTok-ified way of describing classic, refined clothing. Many fashion industry people roll their eyes when it comes up.
Brunello Cucinelli , one of the kings of natural textiles, prefers the term “gentle luxury.” At his fall presentation in Milan this past week, the (extremely expensive) clothing at which he excels looked especially touchable. Cashmere sweatsuits were layered with blanket-like scarves and silky suiting hung in loose pleats. Even an evening look, composed of a black sweater tucked into a feathered skirt, appeared comfy. Holding a pillowy bag, one Brunello disciple called it “accogliente”—Italian for “cozy.”
One step beyond coziness is protection, and there was plenty of that in Milan, too. Chalk it up to an uncertain luxury market , the roiling geopolitical climate or global warming, but using clothing as a sanctuary seemed to be on many designers’ minds. For some, like the excellent Brioni La Donna and Loro Piana collections, that means impeccable tailoring and forever-worthy double-breasted coats. Others, like Luke and Lucie Meier at Jil Sander, took the cocooning more literally, making succulent, quilted floor-length capes.
Not everyone is swaddling themselves in shearling. Architect Bianca Censori, who joined her companion, the rapper Ye, at the Marni show, wore a mere scrap of leather that failed to cover her buttocks among other body parts. No protection needed—except her bodyguard.
The Look of Love at Prada
Miuccia Prada and Raf Simons, the co-creative directors of Prada, are on quite a roll. If you were feeling hyperbolic, you might even say that they’re making fashion history. The duo’s fall collection started with thinking about love, explained Simons backstage, but “all the elements of love,” including loving your home, or even loving your sheets. There’s that theme of comfort again.
That manifested in a romance for different eras of fashion, remixed: A Jackie O. linen shift dress shot through with a streak of shearling. A leather bomber jacket embellished with “1913,” the year Prada was founded. A twin set in shocking red and ultraviolet. High-tech nylon jackets in midcentury couture shapes.
“There is no way to think about the future unless you have a good understanding of the past,” said Simons.
Everyday Allure at Bottega Veneta
In less than four years, Matthieu Blazy has completely renewed Bottega Veneta, making it a cult spot for creative types that want unique clothing and accessories with plenty of craftsmanship. Without succumbing to naked dresses and other revealing gimmicks, the brand appeals to a broad demographic, as shown by front-row neighbours Julianne Moore, 63, and A$AP Rocky, 35.
The fall collection, Blazy said backstage, was a “celebration of the everyday.” He found himself thinking about the allure of everyday clothing on his nightly dog walks. This meant recognisable pieces like peacoats, skirts and sweaters, reduced to their essential essence but rendered fabulous through textile innovation and fabrication. A simple yellow evening dress had a shirred-fabric fraying (not unlike recent work by Phoebe Philo ) and a long column skirt boasted leather plumes.
Blazy wanted to express resilience, he said, like flowers blooming in the desert. Fittingly, he designed giant Murano glass cactus flowers to decorate the show space.
Womblike Sumptuousness at Jil Sander
Real life crept into the fashion bubble on the day of Jil Sander’s show, when guests were confronted with a triple-whammy of rain, traffic and multiple public protests that closed the streets. Supermodel Mariacarla Boscono, like several models and editors, had a harrowing trip from Dolce & Gabbana to Jil Sander, and was swept right into hair and makeup and then onto the runway. Wearing the first look, a cocoon-like rounded red suit, Boscono was worth the wait.
Jil Sander put forward an extensive 68-look collection chock-full of satisfyingly sumptuous pieces. Chunky knitwear was sheathed in fine netting, tailored pieces were lined in silky quilting. Coats in deer leather and Himalayan goat fur looked like outerwear for an Icelandic wedding.
Androgynous Realism at Tod’s
At conservative Italian stalwart Tod’s, Matteo Tamburini executed an impressive debut. Upon arriving from Bottega Veneta in December, the first thing Tamburini discussed with Tod’s group boss Diego Della Valle was the need to create “desirable objects.” “You don’t want to have a big fashion show and then find nothing in the store,” said Tamburini after the show.
So in just a few short months, Tamburini was able to create a tightly edited women’s collection full of androgynous separates and light, appealing accessories. Stylist Brian Molloy, who’s also worked with The Row and Hermès , worked magic with restraint. One supersoft foldable tote big enough for a laptop had a slit at the top so it could fit under your shoulder—easy stuff that merits a high price tag.
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The federal budget has rattled property investors. But the biggest mistake isn’t the tax changes, it’s the conclusion many are drawing from them.
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The recent budget has forced a reckoning for property investors.
Negative gearing now restricted to new residential builds, the CGT discount gone and on paper, the numbers look different.
And many investors are responding by pivoting toward yield, prioritising cash flow over capital growth in a way that property strategists say misses the point entirely.
“The debate has shifted to yield versus growth as if they are opposing forces,” says Abdullah Nouh, founder of Melbourne-based buyers’ agency Mecca Property Group. “But that framing is itself the mistake.”
Nouh, who works with high-net-worth families and investors on long-term acquisition strategy, argues that capital growth remains the primary driver of genuine wealth creation and that the post-budget environment has made quality assets more important, not less.
The numbers make his case plainly. An additional $500 per week in rental income is welcome. A prestige asset appreciating by $1 million over a market cycle is transformative.
These are not equivalent outcomes, and portfolios built around yield at the expense of location and land value tend to generate income while wealth stands largely still.
The more nuanced shift Nouh is seeing among sophisticated investors is a move toward assets where both outcomes can be engineered simultaneously – established homes on substantial land in quality locations, where the existing dwelling can be repositioned, rental returns improved, and the underlying land value compounds independent of what sits on it.
For investors with existing equity, commercial property is also entering the conversation in a more serious way.
Prestige industrial assets, medical centres and long-leased essential retail offer income profiles that residential property in most capital city markets cannot currently match: longer lease terms, tenants covering outgoings, and greater predictability than the residential tenancy cycle.
“The investors who build lasting wealth are rarely the ones who chased yield or growth exclusively,” says Nouh.
“They are the ones who built a strategy they could sustain – one that generated enough income to hold quality assets through multiple cycles while those assets compounded in value.”
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