Vanessa Friedman writes for the Financial times, Bernard Arnault: How to manage the transition into quality:

Bernard Arnault, chairman of Möet Hennessy Louis Vuitton, the largest luxury company in the world, does not like the word “luxury”.

“I prefer to think of it as quality,” he says, a caveat that may seem semantic, but is, in fact, significant: it speaks to the permanent change in the industry that he sees occurring post-recession.

Why is the word ‘luxury’ so problematic? Couldn’t have anything to do with the past decade or so that his illustrious company spent courting the aspirational upper middle class with celebrity bling associations, could it? The photo to the right was pulled from a blogger named Behonce in Malaysia. I thought the text notable as well:

this bag is like a Christmas ornament or a Chinese New Year fortune cookie; the few things you just wanna show off! Combining the richness of gold and the luxurious nature of Louis Vuitton, this bag screams “I am rich, bitch!”.

Forget about being practical. Forget about not being Over the TOP! Honey, it is all about the bling! Paris Hilton has it. So does Kim K. Why not Behonce B? Costing at about USD2080, that is the reason why NOT, Mr Behonce B!

This is why Stealth Wealth has had an underground appeal all throughout the bling decades. But the fact that it’s rising to the forefront is a strong indicator of a seismic shift in culture and values. Back to Arnault:

“The availability of money not just for consumers but buyers will disappear for a very long time – maybe 10 years, maybe until the next bubble,” says Mr Arnault, who believes sector growth will be driven by the real economy, and will not be much more than 2 per cent a year in developed markets – half the rate of the past. What this means for the luxury industry is more competition, not from more brands, but from a – permanently – more discerning consumer base: one that demands legitimacy in all its goods, from history to conception to manufacturing, along with all the information and communication that implies.