The Cartier Trade | Why hard luxury decoupled from soft luxury

The Cartier Trade | Why hard luxury decoupled from soft luxury — & what the Richemont print signals about HNW capital allocation in a multipolar world

The Richemont print isn’t a luxury story. It’s a capital allocation story expressed through luxury. The HNW consumer is doing what central banks are doing — accumulating portable, jurisdictionally-mobile, intergenerational stores of value in a fragmenting financial system. The bifurcation between hard and soft luxury isn’t cyclical. It’s structural. And it will probably define the sector for the rest of this decade.

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