Sep 29, 2026 · 7 min · 6 segments
In this Curator's Cut, we explore: • How China's loss of 50M aspirational consumers is creating a barbell luxury market, with value in Rolex-exposed retailers and the consolidation theme such as…
One, finding gems in luxury.
The luxury sector has had a difficult 2026.
As one example, the Amundi Global Luxury USITS ETF is down 12.4% year-to-date.
Jacob Chang estimates the industry lost 50 million aspirational consumers between 2022 and 2024, and that the contraction hasn't stopped through 2025 and 2026.
On one end, ultra-high net worth individuals continue to spend on ultra-premium goods.
On the other, the aspirational middle-class buyer has virtually disappeared from the luxury ecosystem, transforming the retail landscape into a barbell economy where the middle is hollowing out.
but pockets of opportunity remain.
Sameer Taneja finds the listed luxury watch retailers with Rolex exposure attractively valued, with impressive capital allocation.
He highlights Oriental Watch with a 12% dividend yield and net cash at 60% of market capitalization, as well as the Hourglass and Cortina , given their buybacks and attractive multiples.
Consolidation is the other lever.
Watches of Switzerland describes acquisitions as a core growth pillar in the fragmented U.S. watch and jewelry retail market, Samir noted.
One, finding gems in luxury.
The luxury sector has had a difficult 2026.
As one example, the Amundi Global Luxury USITS ETF is down 12.4% year-to-date.
Jacob Chang estimates the industry lost 50 million aspirational consumers between 2022 and 2024, and that the contraction hasn't stopped through 2025 and 2026.
On one end, ultra-high net worth individuals continue to spend on ultra-premium goods.
On the other, the aspirational middle-class buyer has virtually disappeared from the luxury ecosystem, transforming the retail landscape into a barbell economy where the middle is hollowing out.
but pockets of opportunity remain.
Sameer Taneja finds the listed luxury watch retailers with Rolex exposure attractively valued, with impressive capital allocation.
He highlights Oriental Watch with a 12% dividend yield and net cash at 60% of market capitalization, as well as the Hourglass and Cortina , given their buybacks and attractive multiples.
Consolidation is the other lever.
Watches of Switzerland describes acquisitions as a core growth pillar in the fragmented U.S. watch and jewelry retail market, Samir noted.
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