• Dubai, Bangkok, and Tokyo are rising as new luxury hubs for the global ultra-rich.
• Shanghai and New York are slipping as lifestyle shifts and politics reshape spending patterns.
• Julius Baer's 2025 report shows the wealthy now prioritize wellness, stability, and experiences.

Singapore, London, and Hong Kong still top the charts as the world's most expensive cities — but upstarts like Dubai, Bangkok, and Tokyo are rising fast as global wealth patterns shift.

For the third year running, Singapore ranked as the world's most expensive city for high-net-worth individuals, according to the latest Global Wealth and Lifestyle Report from Julius Baer Group, a Swiss wealth management group.

London moved into second place, nudging Hong Kong into third — but behind these familiar frontrunners, a quiet transformation could soon redraw the global map for the super wealthy

The 2025 edition of the report, published on Monday, tracked the cost of what it called "living well" — meaning the ability to afford and regularly spend on 20 luxury goods and services that high-net-worth individuals typically enjoy.

These include private school fees, luxury property, watches, fancy dinners, and business class flights. Pricing data was collected across 25 cities between November 2024 and March 2025, and each city was ranked based on the weighted-average total cost of all 20 items, converted into US dollars.

To complement the price index, Julius Baer also conducted a separate Lifestyle Survey, polling 360 high-net-worth individuals across 15 countries in February and March 2025 to understand how the wealthy are spending and investing.

While the methodology is robust, it does not account for geopolitical shifts that followed, including the Trump administration's April tariff announcements, and its relatively small sample size may limit broad conclusions.

Still, the findings point to a clear shift in momentum: while the podium remains stable, several key cities — especially in Asia and the Middle East — are climbing fast, suggesting a broader power shift in global luxury hubs.

The top 10 most expensive cities for the wealthy in 2025

1. Singapore.
2. London.
3. Hong Kong.
4. Monaco.
5. Zurich.
6. Shanghai.
7. Dubai.
8. New York.
9. Paris.
10. Milan.

The quiet rise of new luxury capitals

Several emerging cities climbed the rankings at an unexpected pace, especially in Asia and the Middle East.

Dubai jumped five spots to 7th place, edging closer to European strongholds like Monaco and Zurich.

Bangkok and Tokyo both rose six positions, landing at 11th and 17th, respectively, driven by rising costs of fashion, watches, and property.

Bangkok's "growing upper-middle class has had a direct impact on the expansion of the local luxury market," Rishabh Saksena, cohead of Julius Baer's global asset class specialists, told Business Insider.

"Increased wealth has mechanically driven demand for luxury goods and services, allowing the development of luxury malls, fine dining, and experiences such as spas," he said.

"Additionally, the city benefits from Asia's long-standing appeal as a global tourism destination."

Tokyo's rise reflects a similar trend.

"Tokyo, and Japan more broadly, has long been a culturally rich and influential region, with a strong luxury market, especially in areas such as fashion, fine dining, and experiences," Saksena added. "The recent global shift among HNWIs toward valuing experiences over goods has further enhanced Tokyo's attractivity and appeal."

Meanwhile, Shanghai, which topped the index in 2022, fell from 4th to 6th place — a sign that its dominance may be fading

São Paulo and Mexico City also dropped notably in the rankings.

"Dubai is nipping at the heels of the bastion cities in the region for wealth and lifestyle — London, Monaco, and Zurich — in a trend that is likely to continue as the Emirate ups the ante on offering an attractive residence proposition for HNWIs," the report said.

Behind the movements is a growing desire among the ultrawealthy for stability, wellness, and future-focused cities.

The report also notes that Dubai's appeal lies in tax advantages, luxury infrastructure, and a booming property market, while Bangkok and Tokyo benefit from regional economic momentum and cultural cachet.

What's driving the change?

The global average cost of "living well" actually declined 2% in US dollar terms between 2024 and 2025 — a rare drop in a sector typically shielded from macroeconomic headwinds.

Yet, beneath that decline are sharp regional contrasts:

• Business class air fares jumped 18.2% globally, driven by a shortage of jets and booming demand for premium pleasure travel.
• Luxury goods like handbags and jewellery fell in price, reflecting shifting consumer priorities.
• Private school fees soared in cities like London, where new tax rules drove up costs by over 25%.

More broadly, high-net-worth individuals increasingly prioritize experiences over possessions and longevity over status. These include spending more on wellness, curated travel, and health services, especially in Asia-Pacific and the Middle East.

"The main shift we've seen recently is the growing move toward aspirational consumption among HNWIs, who increasingly value experiences over physical goods," Mark Matthews, Head of Research Asia at Julius Baer, told BI.

"This trend varies from one location to another. Markets with a long cultural history of luxury goods (e.g., Switzerland with watches or Germany with cars) tend to show a slower transition toward 'experience-based' spending," he added.

Data from the Lifestyle Survey backs this up.

While luxury spending growth has cooled in Europe — where only 36% of high-net-worth individuals reported spending more on hotels — HNWIs in Asia-Pacific, the Middle East, and Latin America continue to ramp up their spending on high-end fashion, jewellery, and watches.

In APAC, 65% reported increasing spending on both hotels and watches, and 63% on women's fashion. In the Middle East, 52% spent more on hotels and 50% on fine jewellery.

Across the board, travel and hospitality remain top spending priorities, with fine dining and five-star hotels leading the way.

A Eurasian future?

The report also hints at a broader geopolitical rebalancing in how — and where — the world's wealthy choose to live.

"There is already talk of many wealthy Americans decamping to Europe for the next four years — and possibly forever," Julius Baer's report said, citing affluent individuals looking for political stability and strong institutions.

Cities like London, despite Brexit and political change, remain magnets for global wealth thanks to world-class education, healthcare, and cultural capital.

Meanwhile, Dubai plans to double the size of its economy by 2033 and is quickly becoming a rival to Europe's traditional elite enclaves.

• Designer purses from Miu Miu, Dior, and The Row have been everywhere this year.
• If you want to stand out, though, brands like Alaïa and Ralph Lauren have alternative options.
• You might also want to consider Chloé and Schiaparelli, which make statement pieces.

Like clockwork, a new batch of designer purses rises to the top of the fashion world every year.

In 2025, "it bag" contenders include rectangle designs from Miu Miu, shopping totes from The Row, and, of course, new variations of Dior's famed saddle bag.

It's understandable, though, that some people want their purses to stand out from the rest. If you're one of them, here are some options that are equally luxe but slightly more distinct.

Everyone is into raffia this year, but other textures are just as stunning.

Raffia, a natural fiber made from the leaves of raffia palm trees, looks great on summer bags. That's why woven totes from Loewe, Sézane, and other designers are everywhere this season.

Other materials, though, translate better all year round.

The braided Le Click bag from Alaïa is just one example. It's crafted with black leather, embellished with gold hardware, and costs $6,250.

Market totes don't have to be sheer.

Everyone seems to love The Row's $1,350 Barn tote, which is basically a luxury version of a classic mesh shopping bag.

But if you want to carry something a little more unique — and spend a few hundred dollars less — there are other standout options.

The Denim Market Tote from 3.1 Phillip Lim is one of them. It retails for $795, is embellished with leather flower appliqués, and comes with a detachable pouch.

Embellishments are in. Consider a bag with a statement decoration.

While encrusted bags from Cult Gaia and Khaite might be trendy, no brand does embellishments quite like Schiaparelli.

Designs like its Mini Nose bag — which retails for 4,100 euros, or about $4,800 — are optimal for luxe, quiet-luxury looks that are contemporary, but not overly flashy.

The bag is made from black calfskin and has a pink leather interior.

If you're looking for an everyday bag that carries it all, look no further than Aspinal of London.

Jil Sander, Jacquemus, and Fendi have made medicine bags mainstream, especially as work bags. The purses are usually medium in size, full of storage space, and neutral in color.

If you're shopping for one, you might want to consider the $940 Hudson design from Aspinal of London.

The bag is sold in classic colors like tan and black, but it's also available in more fun shades like wine and forest green. It's also crafted from pebbled leather, which automatically gives the bag a worn look without any effort from the carrier.

Ralph Lauren makes a stunning alternative to the Dior saddle bag.

Dior's saddle bag might have been introduced in 1999, but it's arguably more popular than ever now.

That might be good news for fans who have struggled to get their hands on the original designs. If you want something fresher, though, Ralph Lauren has one option.

The Polo ID bag, which retails for $498, has a symmetrical, crescent shape and is similar in size to the Dior purse. It's also made with suede, one of the most popular fabrics of 2025.

Metallic fashion has held strong this year. A shiny bag is an easy way into the trend.

Carrying the Chain Horse bag from Chloé is also one of the easiest ways to stand out.

The bag is almost entirely golden, with a horsebit chain and golden beads across its suede leather. It even features a horse head and tail at each end.

It will cost you, though, as it retails for $9,600.

• As a former Hermès employee, I saw customers make some common mistakes when shopping in-store.
• It's important to understand that most shoppers can't just walk in and buy a Birkin bag.
• Customers should have a good relationship with their sales associate, but they shouldn't bug them.

I spent two years working in retail marketing and visual merchandising at Hermés.

The French fashion house has been around for nearly two centuries and specializes in leather goods, though it might be best known for its coveted Birkin bags.

These high-ticket items, which can cost thousands and are often carried by celebrities like Kim Kardashian and Jennifer Lopez, are offered to only a select number of the retailer's customers.

When I worked at Hermès, I learned a lot about the brand and how to score its most-coveted products. I've since transitioned to a career in sourcing luxury goods — and I'm no stranger to locating the brand's famous designer bags for my own clients.

Here are a few mistakes I saw customers make while shopping at Hermès.

Many shoppers think they can walk in and score a high-ticket item

Similar to other luxury brands like Porsche, Hermès uses scarcity marketing — a concept in which consumers value a product when there's a limited supply or availability.

This means most customers cannot simply walk into a boutique and purchase the brand's highest-ticket items, like a Kelly or Birkin bag.

Birkin bags are so sought after that even its Walmart lookalikes are selling out.

If shoppers want to increase their chances of being able to buy the real thing, they should "build a profile" or establish a consistent buying history with the store.

This can be done by making entry-level purchases and working with a single, designated sales associate over time. After all, sales associates can play a major role in deciding who gets one of these coveted bags.

I recommend buying items in a diverse mix of categories. In my experience, the highest-commission categories for sales associates include homeware, fine jewelry, elaborate textiles, and exotic, ready-to-wear pieces.

Purchasing these items can enhance your profile and help you stand out to a sales associate.

Refrain from acting rude or indifferent, and remember to maintain a professional demeanor

At Hermès, entitlement and rude behavior are the biggest no-gos. I've even seen negative attitudes prohibit clients from future boutique visits.

I recommend keeping a positive attitude, cultivating curiosity when in a boutique, and engaging with a sales associate as you would with anyone in a professional setting.

I'd also be mindful that sales associates are there to make a living and provide an exclusive, luxury experience. After all, this is supposed to be a mutually beneficial relationship.

Don't put too much pressure on your sales associate

Navigating the Hermès shopping experience is a lot like managing a business relationship. In many boutiques, sales associates share their contact details with customers.

However, many people tend to take this as a sign to inundate them with questions. Instead, I recommend customers visit a boutique at their convenience and ask about the potential timeline for a high-ticket item as they shop for other goods.

If texting or calling are your only ways to engage with a sales associate, use these methods to inquire about lower-ticket items you're interested in seeing when you visit.

I've found a lot of customers have unrealistic expectations

Some customers come in focused solely on coveting the one high-ticket item they saw all over social media.

However, I think two key points are crucial in navigating the Hermès shopping experience. First, keep in mind that sales associates value clients who engage with the brand and show genuine interest in the Hermès heritage.

Secondly, in my experience, sales associates don't earn a commission on bags like the Kelly and Birkin. Therefore, it may be wise to explore lesser-known areas within the brand, such as home goods, fragrances, or equestrian items your sales associate recommends.

This way, you'll be putting commission money in your sales associate's pocket, and they may feel more inclined to help you work your way to a coveted bag.

Don't switch between different sales associates or locations

Working your way toward a coveted bag at Hermès can feel like a high-stakes mental game. Customers often have to visit a boutique multiple times, so the path to owning these items can be lengthy.

Unfortunately, I've seen customers try to game the system by visiting multiple boutiques or switching between sales associates in one location.

However, I recommend staying loyal to one associate and boutique, as some stores may prioritize their most devoted clients.

This story was originally published on January 3, 2025 and most recently updated on June 20, 2025.

• I booked a Luxury Mystery Break package through Air New Zealand — it's like a surprise vacation.
• The flight was the worst part of my experience, but I loved my resort stay and had great meals.
• My trip was wonderful, but when I crunched the numbers, it didn't seem like such a great value.

As a self-proclaimed bougie backpacker, I love traveling on a budget — but I'm not afraid to splurge on unique experiences.

So, when I discovered Air New Zealand's Mystery Breaks, I was instantly intrigued.

The packages include round-trip flights, one checked bag, accommodations, breakfast, and airport transfers. The catch? Your destination is kept a secret until two days before departure.

Air New Zealand offers several tiers, but I went with a last-minute Luxury Mystery Break. This top-tier package includes all of the aforementioned amenities, plus daily dinners, an Avis rental car, and five-star accommodations.

Here's how it went.

I received my Mystery Break itinerary a few days before my travel date.

I booked my trip less than a week before the departure date, but a Mystery Break representative told me guests are encouraged to reserve these packages three to six months in advance. In some cases, this can help keep the package's cost low.

Prices for Luxury Mystery Breaks vary and start at NZ$1,699 (about $1,025) a person for a two-night midweek package. I paid NZ$3,162, but was given a media rate for a 50% discount, bringing my total to NZ$1,581.

Either way, I got my itinerary four days before my travel date instead of the usual two. This may have been due to the media arrangement, but I was grateful to receive my flight times, rental car type, and resort information earlier.

I'd be flying into Christchurch, and my final destination was the Fable Terrace Downs Resort in Canterbury high country, about an hour's drive from the city center.

My journey had a frustrating start.

I got to Wellington International Airport at 8:30 a.m., ready to board my 9:30 a.m. flight to Christchurch.

At 9:10 a.m., an announcement informed us the flight had been canceled due to engineering issues. I was automatically rebooked for a 6 p.m. departure, but I didn't want to spend the first day of my Mystery Break stuck in an airport.

After several failed attempts to get on an earlier flight and a lot of back-and-forth with airline staff, I was moved to a 1:45 p.m. flight, which still didn't take off until 3:30 p.m. due to weather concerns.

For the inconvenience, I received a NZ$10 refreshment voucher.

Airport staff weren't much help — but I could've done more, too.

Despite booking my trip through Air New Zealand, the airline representatives I spoke to in person seemed unfamiliar with the Mystery Break program. I also wasn't given priority rebooking or guidance that might have helped streamline the process.

Delays can happen with any flight, but this was a disheartening start to what was supposed to be a luxury experience.

After my trip, I realized my 11-page Mystery Break itinerary had a number for a 24-hour help desk for "serious" problems.

Although I wish I'd tried calling, instructions advise speaking directly with the "supplier" first, which I did. I don't know if reaching out to the desk would've made a difference, but I'm glad I know now that this resource exists.

When reached for comment, representative for Air New Zealand chief commercial officer Jeremy O'Brien told BI, in part, "From family fun to luxurious retreats, our Mystery Break is a curated, surprise experience with logistical planning and travel support all included in the package. There's also a 24/7 Mystery Break helpdesk designed specifically to support travellers if their flights are disrupted, or they have questions during their trip."

Picking up my rental car was a much smoother experience.

My flight took about an hour, and after we landed, I went to pick up my rental car. The check-in process was quick and easy.

The Mystery Break package included basic insurance, but I upgraded my coverage and paid an additional NZ$100.

I was especially grateful for the freedom a rental car gave me, given that my resort was over an hour's drive from any major cities.

I was blown away by my resort's grounds and surrounding scenery.

Fable Terrace Downs Resort looked stunning as I pulled up.

A staff member at the front desk walked me through everything included in my package: a two-night stay, daily three-course dinners and continental breakfasts, a welcome drink, NZ$200 resort credit, a dedicated parking spot, and late checkout.

Staff had also arranged a dinner reservation for me at the on-site restaurant for that evening.

My accommodations seemed fit for a queen.

Based on my Mystery Break itinerary, I was expecting a deluxe one-bedroom suite.

When I arrived, I realized I'd been upgraded to a superior two-bedroom villa with sweeping views of the snowcapped mountains.

The villa felt huge for just one person.

My villa featured a spacious living room with a flatscreen TV and sound system, a full kitchen stocked with snacks and refreshments for purchase, a dining area, in-room laundry, and two bedrooms with en suite bathrooms.

A highlight was definitely the balcony, which overlooked the golf course and mountain range.

The two bathrooms also felt luxurious.

The bathrooms had luxurious touches, like heated towel racks, comfy slippers, and plush robes.

One of them also had a large spa bathtub complete with jets.

I headed to a restaurant on the property for dinner.

After a long travel day, I headed to The Clubhouse, the property's restaurant and golf hub, for the first of my two included three-course dinners.

I started with mushroom soup, which was rich in umami flavor and served with crisp yet fluffy garlic bread. This dish alone made up for the day's struggles, and I used the bread to mop up every last drop of soup.

My main course was slow-braised beef cheek pasta, a hearty portion that filled me up before I could finish it.

My meal ended with a sweet treat.

For dessert, I gave in to the temptation of a vanilla crème brûlée topped with cocoa dust, cherry compote, and a fresh strawberry.

It was the perfect end to an incredible meal.

The resort offered various activities for an additional fee.

Mystery Break packages are designed to provide the foundation for a trip — flights, accommodations, and transportation — which gives each traveler freedom to plan how they spend their time.

So, before I arrived, I looked into activities in the surrounding Canterbury high country and ones available on Fable Terrace Downs property.

The resort has an 18-hole championship golf course, tennis courts, walking tracks, and facilities for clay shooting, knife throwing, and archery.

I'd hoped to reserve an archery session, but there was no availability during my stay. Instead, I booked a hot air balloon ride (NZ$355.50) and a treatment at a nearby spa (NZ$95) on my own dime to round out my trip.

I woke up at 5 a.m. for my hot air balloon ride.

The next morning, I drove 30 minutes to the Ballooning Canterbury base yard, where I met our pilot, driver, and six other participants.

The views of the mountains and patchworked countryside from the balloon were spectacular, especially in the early morning light.

I had just enough time to get back to the resort for breakfast.

My ballooning experience wrapped up earlier than expected, so I had time to return to the resort for the complimentary breakfast service before it ended at 10:30 a.m.

The meals were served in a beautiful dining area with mountain views.

I enjoyed my food with a gorgeous view.

I selected items from a gorgeous continental breakfast buffet, including a chocolate croissant, chia-seed pudding with passion fruit, and peaches and pears with whipped cream and mixed-berry compote.

For an additional fee (covered by my resort credit), I also ordered bacon and poached eggs on toast.

The rest of my day was set aside for a road trip to the nearby Arthur's Pass.

Canterbury is known for its stunning alpine setting and hiking trails, which are a dream come true for outdoor enthusiasts.

Since I already had a rental car, I drove nearby to explore scenic spots like Lake Lyndon, Castle Hill, and the Otira Viaduct Lookout.

I'm grateful I got to see so many incredible places at my own pace.

I wound down from a long day with a bath and a glass of bubbly.

After three weeks of travel, staying in hostels with shared bathrooms, this bath felt incredibly indulgent, especially with the jets on.

My body definitely needed a soak after spending the day walking and hiking in the chilly high country.

My second three-course dinner on the property wasn't quite as good as the first.

I loved the mushroom soup so much that I ordered it again, but the rest of the meal didn't quite live up to my first.

For my main course, I chose the special ribeye steak with bone marrow served with potato gratin, finely chopped vegetables, and a roast-garlic jus.

The steak seemed slightly overcooked and dry, and the flavors weren't as impactful as the pasta from the night before.

I ended my meal with dessert and wine.

I rounded out my meal with the dark-chocolate fondant my server recommended.

It arrived in a hot ramekin topped with berry coulis and a side of rum-raisin ice cream. The cake was fully cooked through, but I would've preferred it as a molten lava-style dessert.

Aside from the soup, my favorite part of the meal was a glass of buttery chardonnay from Gisborne. Restaurant staff also brought me a delicious glass of dessert wine — a thoughtful touch.

I checked out early to squeeze in the spa treatment I'd booked.

The treatment I booked was at Ōpuke Thermal Pools and Spa, about a 25-minute drive from the resort. I had the first appointment of the day at 10 a.m.

The spa area was beautiful, and my dry-floatation treatment involved being swaddled in a waterproof blanket and being rocked in a warm tub. I felt like I was floating for a relaxing 45 minutes.

I wish I could've done more on my last day.

My return flight was at 2:30 p.m..

This isn't necessarily early, but it didn't leave me much time to explore on the tail end of my trip.

If I'd had more flexibility, I would've left later and made time for another spa treatment or visited the award-winning Rangiora Bakery, which isn't too far from Christchurch Airport.

Ultimately, I was ready to say the Luxury Mystery Break was worth the splurge — until I crunched the numbers.

All in all, my trip included a round-trip flight, two nights in a villa at Fable Terrace Downs Resort, an Avis rental car, plus food and drinks.

If I'd booked all of these things independently, I estimated I would've paid about NZ$1,891. My trip package cost NZ$3,162, which feels like a pretty substantial markup.

Receiving the 50% media rate of NZ$1,581 made this a decent deal, but I wouldn't say the same if I'd paid full price.

To be fair, my two-night midweek package was likely a bit marked up because it was more last-minute. It's also hard to speak on the value of other packages since I've only experienced my own.

But even if I were to book this further in advance, I can't see myself doing this again. Although the surprise element of this package was intriguing, I could've hired a travel agent to craft a similar itinerary for a fraction of the cost.

Plus, if I'd made the reservations myself, I could've had more flexibility and chosen the later flight I had wanted.

Despite a few hiccups, this experience was magical — but the price didn't reflect its true value. Next time, I'll plan my own luxury escape.

This article is part of Creative Ventures, a series about business success rooted in creativity.

The luxury home design and fragrance brand L'Objet boasts an elegant boutique on New York City's Madison Avenue. The space, bathed in earthy hues, harmoniously blends handcrafted housewares, decorative items, and scents from the company's various collections.

For two decades, L'Objet's founder and creative director, Elad Yifrach, has sustained the business on craftsmanship and creativity. In celebration of its 20th anniversary, the brand recently released a collection of nature-inspired objets ("objects" in French), including a gold-plated ladybug bottle opener and a glazed porcelain bowl designed to resemble cenote wavelets. It also expanded its fragrance line in early May, dropping a new eau de parfum called Blindfold, created with the master perfumer Yann Vasnier.

Yifrach, who lives in Portugal, draws inspiration from his Mediterranean-influenced upbringing and international travels to places such as France, Morocco, and India. Globetrotting has connected him to artisans around the world, forging collaborations with the contemporary artist Ruan Hoffmann and the sculpting duo the Haas Brothers, among others. The brand has also opened flagship boutiques in major cities, including Paris, London, and most recently, New Delhi.

Growing a luxury business is no easy feat, Yifrach told Business Insider. He said entrepreneurs need to self-advocate and have a clear vision of their brand identity and target audience. "It doesn't matter how great your idea is," he said on a video call from L'Objet's Portugal office. "You still need to carve a space for yourself in the market and convince the market that you're worthy of that space — and that takes time."

Yifrach founded L'Objet in 2005 when he was in his mid-20s, working as an interior designer in Beverly Hills and developing an interest in handmade decorative pieces. "I was very young," he said. "So the brand came from a more humble and naive place of just wanting to create, experiment with different materials, and learn a lot."

Developing his luxury label required a "crazy amount of legwork," he told BI. In the early aughts, social media wasn't a commerce-driving juggernaut yet, and online shopping was inferior to coveted shelf space in brick-and-mortar stores. Digital marketing and virtual networking were also still ripening, so Yifrach said he had to rely on face time — not FaceTime.

He met with skilled artisans to learn techniques for making stylish, high-quality housewares, attended events to spread the word about L'Objet, and presented products to stores to sell as merchandise. His first-ever store client was Bergdorf Goodman.

Yifrach said he had moments of doubt even as his company gained momentum. He remembers opting out of a major trade show so that he could afford to open L'Objet's first New York showroom in 2010, but he didn't get very many visitors initially.

"There were crickets. It was really scary," he admitted. Every time he heard the "ding" of a nearby elevator, he'd jump from his chair, thinking someone had arrived to check out the space. But investing in the showroom gave the company a stronger identity, which helped in the long run, Yifrach told BI.

After 20 years, the company said it has accomplished eight-figure growth and aims to double its revenue in the forthcoming years. Direct-to-consumer channels such as e-commerce and retail have been the biggest growth areas so far this year, partially due to new boutique openings.

The landscape of luxury brand-building has changed substantially since Yifrach founded L'Objet. Omnichannel marketing is king, and cutting through the algorithmic clutter to reach — and resonate with — consumers is crucial. Virality isn't always dependable, and longevity can be hard to come by.

"You see a lot of these overnight successes that have an identity crisis," Yifrach said. "The identity was never formed — it was just a lot of fluff."

Artisanship and timeless aesthetics are two pillars that have helped sustain L'Objet, even in a volatile luxury market, Yifrach said. Sacrificing quality to create products that capitalize on trends might work temporarily, but it doesn't set a business up for long-term success, he added.

Yifrach noted that luxury consumers nowadays are especially selective about their purchases. "They're not just buying things for the sake of buying. They want to know what they're getting and why it's expensive," he said. "Brands need to be ready with the right answers. You have to justify more."

L'Objet's CEO, Stanislas Le Bert, shared a similar sentiment. "Consumers are more educated," he told BI during a visit to the brand's Manhattan showroom. "They want to understand the story and the 'why' behind the price. They expect transparency."

Hannah Reed, a research manager at the market research agency Walnut Unlimited, previously told BI that "the pressure is now on for luxury players" to convince shoppers that their products are worth the hefty costs. "Brands really need to look at design with more intention," she said, adding that they should "lean into craftsmanship and individuality."

Yifrach said that L'Objet emphasizes the use of sustainable materials such as organic porcelain and ceramic and 24-karat gold, the purest form of the metal. He said gold is a particularly "fussy" material to work with when it's plated or painted onto pottery. "It looks like a muddy water solution, and it's extremely sticky," he explained. "It requires a steady hand and an understanding of how much force to use when brushing so that you're not overdressing a piece. You have to sit for hours and paint at a certain rhythm." Very few people, he added, know how to do this skillfully.

Collaboration has been vital to improving L'Objet's designs and scents, said Le Bert, a veteran executive in the luxury fragrance and lifestyle space. "There's a creative dialogue at the beginning of every collaboration before the structure comes in — that moment is crucial," he told BI.

He added that his perspective — viewing housewares as "vessels of emotions" and fragrances as "invisible home designs" — helps drive important conversations with artisans. "I admire passionate people," he said. "We like to push back to form a healthy tension that serves creativity."

Yifrach compared luxury products devoid of ingenuity to music without sentiment. "There are a lot of people who have beautiful voices, but when they sing, you don't feel the emotion," he said.

Before any L'Objet piece comes to fruition, Yifrach added, he has to "fall in love" with the idea behind it. The collaborations with the Haas Brothers, for instance, largely stemmed from Yifrach's interest in exploring fantasy and functionality. And in January, L'Objet released a collection with Ruan Hoffman after Yifrach was inspired by the artist's witty, playful works.

Yifrach said that if a brand creates designs with authentic artistic expression, it will shine through and speak to the consumer.

Once an item hits the market, the work doesn't stop there. Le Bert said the L'Objet team scrutinizes how the company can improve its techniques, aesthetics, and business model — a strategy, he said, that's necessary for any luxury brand to fine-tune its product portfolio. "Curate wisely," he advised. "Avoiding dilution is key."

Reflecting on the past 20 years, Yifrach summed up his overarching business philosophy with a pointed credo: "Time is the prime ingredient. That's how you build a luxury brand — time, attention, intention, and telling your story to the right people, with the right people."