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What did you find didn’t connect this year? There have been some shifts. Those ultra-premium items, the deep five-digit items, the limited editions or exotics—those were all harder, a little bit slower and a little more conservative there [in the customer buying those]. Also, any item let’s describe as edgy or super frivolous, the thing you would have used for one night at a cocktail party. That philosophy of extraordinary items you’d use once or twice, that has slowed down a bit. And anything in between in size was less desirable: Mini bags sold well, everything that was micro, as did the opposite end of the spectrum, the oversized.

What, for you, was the biggest shift in fashion in 2020, in terms of what connected? One interesting data point is that things sold. I would like to stress that. As a category, handbags and accessories have been quite shielded. If you look at apparel, that’s been difficult for many companies. We don’t have as many events, as many dinners. We have seen that accessories—not just bags but watches and jewelry—are quite steady. That’s a behavior we’re trying to develop: shifting from consumption to investment. There’s always going to be emotion in buying. It used to be all emotional, and now the spectrum is moving to that data point [of investing], and that’s what’s driving a purchase.

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