Nouvelles
Coach (Re)Loved: How to Buy the Best Pre-Owned Coach Handbags and Accessories Online
Table of Contents
- Key Highlights
- Introduction
- How Coach (Re)Loved Operates: Restored, Remade, Vintage
- Why Luxury Brands Are Investing in Circularity
- The Items Worth Hunting: Standouts from the (Re)Loved Collection
- How Much Can You Save? Pricing, Value, and Resale Potential
- Authenticity, Condition Grading, and What the Labels Mean
- How to Shop Coach (Re)Loved Online: Practical Tips
- Care and Maintenance for Pre-Owned Leather and Canvas
- Environmental Impact: Why Extending Product Life Matters
- Real-World Context: Celebrities, Street Style, and Demand Signals
- Potential Drawbacks and What to Watch Out For
- Trade-Ins and Closing the Loop
- How (Re)Loved Compares with Other Luxury Resale Channels
- Practical Scenarios: Which (Re)Loved Piece for Which Buyer
- The Future of Brand-Led Circularity in Accessories
- FAQ
Key Highlights
- Coach’s (Re)Loved program offers refurbished, remade, and vintage Coach items — from Tabby shoulder bags to remade pouches — delivering one-of-a-kind styles at lower price points while reducing carbon footprint by up to 76% compared with buying new.
- Every piece in the program is processed by Coach artisans: lightly restored items receive cosmetic touch-ups, remade pieces are reconstructed from worn materials into new accessories, and vintage pieces undergo master restoration.
- Shopping the collection requires attention to condition, dimensions, and provenance; the program accepts trade-ins for store credit, helping close the loop on luxury consumption.
Introduction
A custom Stuart Vevers suit on the Met Gala carpet and repeated celebrity sightings have made Coach one of the most talked-about heritage labels right now. That spotlight feeds demand for signature silhouettes — the Tabby, the Metropolitan briefcase, the Chain Tabby — but it also makes owning a piece of the brand more expensive. Coach’s answer is not simply to lower prices. Since 2021 the brand has built a curated circular ecosystem called (Re)Loved: a program that refurbishes, remakes, and restores pre-owned Coach goods and returns them to the market as new-to-you, singular pieces. The result is a hybrid of craftsmanship, sustainability and style that meets a practical need: how to own premium leather goods with smaller ecological and financial costs.
This article explains how the (Re)Loved program actually works, why it matters now, which pieces are worth hunting for, and how to shop and care for pre-owned Coach items in a way that protects both your investment and the planet.
How Coach (Re)Loved Operates: Restored, Remade, Vintage
Coach frames (Re)Loved as an end-to-end circular system. The program accepts returns, trade-ins and unsellable inventory and routes those items into three distinct paths: Restored, Remade and Vintage. Each category reflects a different treatment and a different buyer promise.
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Restored: Gently used items that require cosmetic touch-ups. These bags often need minor repairs, cleaning, reconditioning of leather, edge staining or hardware polishing. Restored pieces preserve the original silhouette and function; the goal is to return the item to a wearable, high-quality state while keeping its character intact.
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Remade: Heavily worn or damaged goods are disassembled and reimagined. Materials from older bags — leather panels, canvas, hardware — are recombined into entirely new accessories such as pouches, charms and small leather goods. Remade items are explicitly new constructions made from pre-existing materials, meaning they are effectively upcycled products whose look and form can deviate widely from any original offering.
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Vintage: Coach draws from its archives and the long life of its brand. Vintage items are often years or decades old and require meticulous restoration by master restorers who can revive aged leather, repair seams, and restore hardware, all while preserving provenance. These pieces carry historical value: they are not mass-produced replicas but unique artifacts with lineage.
In practical terms, Coach’s craftspeople are the program’s engine. Trained artisans evaluate incoming items, determine the most appropriate path, and then perform the necessary restorative work. The result emphasizes rarity: a Reloved Tabby with pearl cabochons and mixed-metal studs, a remade pouch formed from salvaged panels, or a metropolitan briefcase returned to life with varsity stripes and patched details. The brand markets the pieces as “never-to-be-repeated” — an explicit appeal to shoppers who want the look of Coach but with individuality and a lighter environmental footprint.
Why Luxury Brands Are Investing in Circularity
Several forces pushed brands like Coach to develop circular offerings.
First, consumer expectations have shifted. A growing segment of buyers wants access to premium goods without the permanence of a full-price purchase and with a lower environmental cost. Younger shoppers value provenance and unique stories, and pre-owned or upcycled goods deliver both.
Second, sustainability reporting and corporate commitments pressured labels to reduce waste and emissions. Extending product lifecycles is the single most direct way for a leather goods company to reduce the material and carbon burden of its output. Coach’s internal sustainability materials cite a study that buying a (Re)Loved product can reduce that item’s carbon footprint by 76% compared with purchasing new. That number encapsulates energy savings from avoided production phases, reduced raw-material consumption and diminished transport or processing emissions associated with new manufacturing.
Third, the secondary market for luxury goods has grown into a mainstream channel. Specialist platforms such as The RealReal and Vestiaire Collective have normalized authenticated resale; labels have found multiple ways to participate, whether through licensed partnerships, brand-run resale shops, or in-house refurbishment programs. For Coach, a brand with a long design history and broad customer recognition, (Re)Loved is both a reputational lift and a commercial channel. It captures value from returns and unsellable inventory and funnels buyers into Coach’s ecosystem, where trade-in credit nudges future purchases.
Finally, product storytelling and scarcity economics matter. One-off pieces, remade items, and restored vintage satisfy collectors and style-focused consumers who want rarity rather than a factory-fresh, mass-produced item.
The Items Worth Hunting: Standouts from the (Re)Loved Collection
Coach’s (Re)Loved assortment spans large handbags, small leather goods, and accessories. Below are the program’s featured ten items, annotated with what makes each special and how they might fit into a real-world wardrobe.
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Coach Reloved Metropolitan Lock Portfolio — $850
- Why it stands out: A nod to Coach’s heritage briefcase silhouettes, revamped with varsity stripes, vintage-inspired patches and deliberate patina treatment. It accommodates a 15-inch laptop and offers hands-free carrying.
- Style fit: Suits and power-dressing ensembles; useful for creatives and professionals who want a bag with character.
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Coach Reloved Willow Bucket Bag in Colorblock — $650
- Why it stands out: The Willow typically reads polished; this remade version introduces shaggy fringe and a contrasting chalk colorway that balances boho and polish.
- Style fit: Weekend looks, daytime brunch, or festival-style dressing. Pairs cleanly with denim and linen separates.
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Coach Reloved Pillow Tabby Shoulder Bag 18 — $550
- Why it stands out: The Tabby remains a cultural phenomenon. This “pillow” iteration negotiates quiet luxury with embellishment — mixed-metal studs, pearl cabochons — and two detachable strap options.
- Style fit: Evening and day-to-night dressing; a compact statement piece that works for dinners and urban outings.
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Coach Reloved Elise Satchel Bag — $550
- Why it stands out: Punk-meets-Americana details—grommets, rivets and charm pulls—on a taupe satchel that reads simultaneously youthful and refined.
- Style fit: Transitional office-to-weekend uses; lends an edge to slip dresses and tailored separates.
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Coach Reloved Pillow Tabby Shoulder Bag 26 — $850
- Why it stands out: Larger Tabby with floral appliqué and rivet details. This coral-toned, more spacious iteration is unabashedly feminine and features decorative charms.
- Style fit: Holidays, vacations, and the rare moment when you want your bag to be the focal point of an outfit.
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Coach Vintage Geometric Clutch — $695
- Why it stands out: A restored 1997 piece in glovetanned leather with a turnlock closure; it preserves Coach history and craftsmanship.
- Style fit: Eveningwear and collectors; a tactile vintage object that adds depth to classic silhouettes.
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Coach Remade Colorblock Medium Pouch — $150
- Why it stands out: Built from raw materials of deadstock or heavily worn bags, this pouch epitomizes the Remade category. Functional, small and colorful.
- Style fit: Organization inside larger totes, standalone evening pouch, or a daily catch-all.
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Coach Restored Chain Tabby Shoulder Bag — $425
- Why it stands out: A Restored piece that preserves the runway-born Chain Tabby’s slouch and chain hardware, presented in a brass-on-black palette with multiple straps.
- Style fit: Citywear and day-to-night versatility; the chain detail pairs well with tailored outerwear.
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Coach Reloved Charlie Pouch Crossbody in Colorblock Signature Canvas — $375
- Why it stands out: Built from coated canvas and decorated with patches and pins, this crossbody blurs the line between wristlet and tablet-sized pouch.
- Style fit: Travel and errands. Durable material makes it practical for daily life.
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Coach Restored Tabby Shoulder Bag 26 With Quilting — $425
- Why it stands out: Denim-laced detailing, quilted elements and mixed materials elevate the Tabby to a trend-forward yet wearable piece.
- Style fit: Weekend denim looks and attuned streetwear pairings.
These items illustrate the program’s dual objectives: preserve iconic Coach design while inserting new visual DNA through patches, appliqués and alternative materials. Price points range from accessible small leather goods ($150) to higher-tier handbags ($850), reflecting condition, rarity and inherent retail value.
How Much Can You Save? Pricing, Value, and Resale Potential
The most immediate benefit of buying pre-owned at a brand-operated program is price. The (Re)Loved roster lists prices that are often below the current retail cost of a comparable new piece, while still reflecting the product’s brand equity. Typical savings will vary by model, condition and rarity. Small goods and remade items represent the clearest bargains; larger collectible pieces such as a restored Tabby or a metropolitan briefcase retain high value and therefore command higher prices, albeit usually less than a brand-new counterpart.
Value is not only monetary. For many buyers, the appeal of a one-of-a-kind patchwork or a remade pouch constructed from vintage leather exceeds the appeal of a factory-new, identically produced model. That uniqueness translates into long-term desirability. Collectibility is a function of scarcity: the fewer similar pieces in circulation, the more likely a piece will retain or increase its worth among certain buyers.
Resale potential for items purchased from a brand’s own program is typically strong because provenance is clear. A buyer who later resells a Restored or Vintage piece from Coach can point to the brand’s refurbishment stamp, which reduces buyer friction on the secondary market and may preserve resale price.
However, patrons should calibrate expectations: the market for pre-owned goods is subject to trends. Highly trendy embellishments can age faster than classically restyled items. Pieces with historical provenance (for instance, very early Coach pieces or celebrity-owned items) can appreciate, but such cases are niche.
Authenticity, Condition Grading, and What the Labels Mean
Coach’s triage — Restored, Remade, Vintage — provides a shorthand for condition and expected treatment. For buyers new to pre-owned luxury, understanding these categories helps set expectations.
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Restored: Expect original structure, original serial tags when present, and cosmetic work limited to surface cleaning, minor patching or hardware polishing. Functionality should be fully intact.
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Remade: Expect a new configuration whose materials derive from pre-existing Coach inventory. Remade products are products in their own right; they might not carry original model names but will likely be labeled as Remade on the product page.
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Vintage: Expect age-appropriate patina, possible alterations consistent with preservation goals, and thorough documentation of restoration work. Vintage items can include models no longer in production.
Authentication is less of a concern inside brand-run channels than on the open market, but buyers should still scrutinize product photos and descriptions. Coach typically provides condition details on product pages and lists materials and distinguishing features. When possible, look for high-resolution images of interiors, serial numbers or date codes, hardware close-ups and stitching. If the product page lacks specifics, reach out to customer service before purchase.
Returns and warranty: brand-operated refurbished programs often maintain their own return and warranty policies. Understand Coach’s return window for (Re)Loved products and any exclusions on final-sale items. Trade-in credits are another feature: Coach accepts eligible pre-owned Coach items for credit toward future purchases, helping sellers recoup value and feeding the circular loop.
How to Shop Coach (Re)Loved Online: Practical Tips
Shopping for pre-owned luxury requires some diligence. Use these pragmatic steps to make confident purchases from Coach (Re)Loved or similar brand-led channels.
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Read the product description thoroughly
- Check whether the item is Restored, Remade or Vintage. Confirm measurements, material, strap length, and any included accessories (dust bag, box, original paperwork).
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Inspect photos closely
- Zoom in on seams, corners, hardware and interior lining. Photos that show any signs of repair or patches are actually helpful: they demonstrate transparency.
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Compare dimensions and capacity
- A Tabby “18” and “26” indicate size differences. Convert measurements into real-world items you want to carry (phone, wallet, sunglasses, laptop) to ensure fit.
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Check the serial number or model identifier
- When present, these provide an extra layer of authenticity. If the product page shows a serial plate or tag, examine it and ask for additional photos if needed.
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Understand the return policy and shipping terms
- Note whether shipping is insured and whether the item is final sale. If a piece is remade and therefore unique, return windows may be more restrictive.
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Factor in repair and refurbishment costs
- Even restored items may require future maintenance. Ask whether Coach offers ongoing repairs, and budget for conditioning treatments or professional servicing.
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Consider timing and alerts
- Limited quantities mean popular items sell fast. Set alerts, follow the (Re)Loved category, or subscribe for news to catch drops.
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Leverage trade-in credit
- If you have underused Coach pieces, trade-in programs convert those goods into spending power. That reduces upfront cost and keeps material in the brand’s refurbishment loop.
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Look for authenticity markers in person when possible
- If an item is shipped with a dust bag, authenticity card or a repair receipt, retain those artifacts. They add provenance when reselling.
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Buy what you will wear
- The best pre-owned purchase is one that gets regular use. Wear and enjoy the piece; that practical utility is part of the value.
Care and Maintenance for Pre-Owned Leather and Canvas
Pre-owned goods demand careful maintenance to extend life and protect value. Different materials require different care protocols.
Leather
- Keep leather away from direct sunlight and heat sources to avoid drying and fading.
- Use a pH-neutral leather cleaner for stains, followed by a conditioner suited to the leather’s finish (smooth, pebbled, nappa).
- Test any product on an inconspicuous spot before full application.
- For edge-staining or color transfer, consult a professional restorer rather than trying aggressive DIY fixes.
Coated canvas and fabric
- Wipe gently with a damp cloth and mild soap. Avoid bleach or heavy solvents.
- Coated canvas tolerates moisture better than many leather finishes, but excessive water can affect glued seams.
Hardware
- Polish brass or metal hardware gently using a soft cloth. Avoid aggressive abrasives that could remove plating.
- If a chain strap is tarnished, a jeweler can often restore it without replacing the part.
Storage
- Store in a dust bag to limit dust and environmental contact.
- Use tissue paper or purse shapers to keep form in structured bags.
- Keep organizers or silica gel packs inside to control humidity.
Professional servicing
- For significant damage, rely on Coach workshops or accredited specialists. Master restorers know how to address stitching, lining replacement and structural repairs without devaluing the piece.
Regular, modest care preserves both functionality and resale value. A restored Coach bag, looked after properly, can serve you for years longer and maintain better value on secondary markets.
Environmental Impact: Why Extending Product Life Matters
Extending the life of a leather bag addresses multiple environmental touchpoints. Manufacturing leather and other materials involves resource-intensive processes: water use, energy consumption, chemical treatments and freight emissions. By redirecting pre-owned items from landfill and avoiding the need for entirely new production cycles, refurbishing and remaking cut both upstream and downstream impacts.
Coach’s internal study highlights a 76% reduction in carbon footprint for items purchased through (Re)Loved versus buying new. The reduction reflects avoided raw-material extraction and new manufacturing processes. The brand’s workshops also can divert material waste through Remade projects — converting irreparable bags into smaller goods and therefore using less fresh material.
Circularity at scale requires more than refurbishing. It requires transparent measurement, robust repair networks, consumer education and incentives for returning used goods. Coach’s trade-in credit and its online storefront represent two pieces of that puzzle: they make it straightforward to exchange an older bag for credit and to reintroduce materials into the system.
The environmental account must also include shipping and refurbishment energy. Brand-run programs can optimize logistics to minimize transport emissions by consolidating returns and maintaining centralized restoration facilities. When stacked against a consumer buying new goods shipped separately from factory to warehouse to consumer, refurbished pieces usually show favorable lifecycle emissions.
Real-World Context: Celebrities, Street Style, and Demand Signals
Celebrity appearances accelerate demand for specific models. The source highlights recent Met Gala and celebrity runway moments: WNBA player Paige Bueckers appearing in a Stuart Vevers suit and Anne Hathaway frequently carrying a Metropolitan Briefcase on set. The Tabby’s cultural ubiquity — seen on Bella Hadid and front row fashion influencers — has propelled the silhouette into a near-iconic status.
The popularity of specific styles has two consequences. On the positive side, it enhances resale interest; buyers seeking a Tabby will look across new and pre-owned channels. On the negative side, trend-driven demand can create spikes in prices and reduce availability in (Re)Loved inventories. That scarcity can push buyers toward remade or restored alternatives — precisely the kinds of unique pieces the program emphasizes.
Collectors and style curators prize provenance and patina. A vintage 1990s Coach clutch, properly restored, becomes a wearable fragment of brand history. For the average buyer, the appeal is more practical: access to Coach design at more attainable price points and the satisfaction of choosing a lower-impact option.
Potential Drawbacks and What to Watch Out For
Brand-operated pre-owned programs offer many advantages, but buyers should approach with clear expectations.
Limited inventory and size constraints
- The one-off nature of remade and vintage items means you cannot rely on restocks. If you see something you like, decisive action often pays off.
Condition variability
- Even within Restored or Vintage categories, the degree of wear and the extent of repairs can vary. Pay attention to condition notes and compare that to price.
Style volatility
- Trendy embellishments or seasonal details may age faster than classic lines. If longevity is your priority, prioritize structurally sound, minimally altered silhouettes.
Return policies and final-sale items
- Remade pieces might be final sale due to their unique construction. Confirm the return window and any restocking fees.
Cost and value
- Even discounted, some (Re)Loved prices remain high compared to mass-market alternatives. Weigh ownership cost against expected utility and sentimental value.
Outside-the-brand resale
- When buying Coach items on third-party platforms, validate authentication processes. Brand-run programs reduce counterparty risk but do not remove the need for diligence.
Trade-Ins and Closing the Loop
Coach accepts eligible used Coach items in exchange for credit. This trade-in model creates a practical incentive for customers to return goods rather than discard them. Credits can be applied toward future purchases, which encourages repeat engagement with the Coach brand while recovering value from items that might otherwise be waste.
For sellers, the process typically involves submitting photos, receiving a preliminary appraisal, and then shipping the item to the brand. Acceptable items range from gently used to ones needing restoration. The brand then decides whether the item is fit for Restored, Remade or Vintage pathways.
A robust trade-in system accomplishes several things: it reduces the volume of post-consumer waste, supplies the refurbishment pipeline with raw material, and creates a feedback loop where consumers are rewarded for responsible disposal. The ultimate success of these systems depends on transparency, fair credit values and easy logistics.
How (Re)Loved Compares with Other Luxury Resale Channels
Brand-run resale and refurbishment platforms differ from third-party marketplaces in meaningful ways:
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Provenance and authenticity: Purchasing from the brand eliminates many authenticity risks. Brands have access to original manufacturing records and can provide repair histories.
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Pricing: Brand programs price items competitively but sometimes higher than peer-to-peer resale, reflecting the value of refurbishment and the brand’s curation.
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Repair and aftercare: Buying from a brand may include access to ongoing servicing or return policies that peer marketplaces cannot match.
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Exclusivity and scarcity: Brand remade items can be more collectible because they are single runs created from reclaimed materials.
By contrast, third-party marketplaces often have broader inventories and may offer lower prices, but buyers shoulder authentication risk. Some marketplaces partner with brands for authentication services; others rely on independent experts. For buyers prioritizing certainty and aftercare, the brand channel is often more reassuring.
Practical Scenarios: Which (Re)Loved Piece for Which Buyer
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The commuter who prioritizes function and polish: Metropolitan Lock Portfolio. Laptop space, organizational pockets and a refined silhouette make this a daily driver.
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The trend-focused shopper who wants an affordable statement: Pillow Tabby Shoulder Bag 18. Embellishments and compact form suit fashion-forward wear.
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The eco-minded minimalist: Remade Colorblock Medium Pouch. Small price, clearly circular credentials, and functional utility.
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The vintage collector: Vintage Geometric Clutch. The value here is historical and tactile; perfect for someone who enjoys preservation and storytelling.
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The traveler: Charlie Pouch Crossbody. Coated canvas and practical dimensions make it a reliable travel accessory.
Selecting the piece that aligns with daily needs will ensure the bag sees use and the environmental benefits of extended life are realized.
The Future of Brand-Led Circularity in Accessories
Coach’s (Re)Loved program is one example of how legacy brands can integrate circularity into their core business. The future likely includes deeper integration of digital tools to track provenance, expanded refurbishment networks to scale repairs, and closer collaboration with resale marketplaces to reach a broader pre-owned audience.
Consumer education will be critical. When shoppers understand the real environmental gains of pre-owned choices and the material trade-offs, demand will follow. For brands, transparency around the trade-in process, clear condition grading, and consistent pricing signals will build trust and normalize circular consumption.
Brands may also experiment more with Remade lines as a creative outlet. Designers can treat remade goods as micro-collections, allowing artisanal experimentation that does not require full-scale manufacturing. These experiments serve both sustainability and brand storytelling.
FAQ
Q: What exactly is Coach (Re)Loved? A: Coach (Re)Loved is the brand’s in-house circular program that refurbishes, remakes and restores previously owned Coach items. The program sells Restored items (lightly refurbished), Remade items (reconstructed from salvaged materials) and Vintage pieces (archival items professionally restored).
Q: How does buying a (Re)Loved item affect environmental impact? A: According to Coach, buying a (Re)Loved product can reduce an item’s carbon footprint by approximately 76% compared with purchasing new. The reduction comes from avoiding new material production, minimizing manufacturing energy use and diverting items from landfill.
Q: Are (Re)Loved items authentic? A: Yes. Items sold through Coach’s official (Re)Loved channel are processed and authenticated by the brand’s own teams. Purchasing directly from Coach eliminates many authenticity concerns present on open third-party resale platforms.
Q: What’s the difference between Restored, Remade and Vintage? A: Restored: original pieces cosmetically refreshed and returned to wearable condition. Remade: materials from heavily worn items are reassembled into new goods such as pouches or charms. Vintage: older Coach pieces restored by master craftsmen and conserved to retain historical value.
Q: Can I trade in my old Coach bag for credit? A: Coach offers trade-in programs that accept eligible used Coach items in exchange for store credit. The brand evaluates submitted items to determine the appropriate path (Restored, Remade or Vintage) and issues credit based on condition and resale value.
Q: Do (Re)Loved items come with warranties or return policies? A: Return policies and warranties may vary by platform and specific product. Check Coach’s product pages for details on returns, final-sale items and any available service guarantees. Unique remade items might have different return terms.
Q: How do I choose between a restored or remade item? A: Choose Restored if you want the original silhouette and features, but with cosmetic repairs. Choose Remade if you want a one-of-a-kind object with reclaimed materials, often in a new form. Consider use-case, durability and stylistic preference.
Q: Are remade items as durable as new ones? A: Remade items are constructed from existing Coach materials and are often very durable, but their construction can vary depending on available materials. For high-wear items, inspect construction details and ask about reinforcement if durability is a priority.
Q: How should I care for a restored leather Coach bag? A: Store in a dust bag, avoid direct sunlight, condition leather periodically with a product suited to the finish, and send complex issues to professional restorers rather than attempting major DIY repairs.
Q: Will buying (Re)Loved save me money? A: Often, yes. (Re)Loved pricing tends to be below comparable new retail prices, with the most significant savings on small leather goods and remade accessories. Larger restored or vintage pieces may still command high prices due to rarity.
Q: What if my preferred size or color isn’t in (Re)Loved inventory? A: Inventory is limited and one-off by nature. Set alerts, check frequently, and consider remade or restored alternatives if you want to capture the look without waiting for an exact match.
Q: Can I resell a Coach (Re)Loved item later? A: Yes. Items from Coach’s official program often carry better provenance for resale. Keep documentation, receipts and packaging; these items typically perform better on the secondary market due to clear origin and refurbishment history.
Q: How fast do (Re)Loved items sell out? A: Popular models move quickly. If you see a desirable piece, act promptly. Subscribe to Coach’s updates or follow the (Re)Loved category to catch new arrivals.
Q: Are (Re)Loved pieces available worldwide? A: Availability can vary by market and by the brand’s shipping policies. Check Coach’s site for region-specific offerings and shipping terms.
Q: Do remade items come with any repair options? A: Repair policies for remade items depend on the program. Contact Coach customer service to confirm repair coverage and any recommended maintenance for remade goods.
Choosing a pre-owned Coach bag now means more than simply finding a deal. It means participating in a system that values repair, creative reuse and preservation of craft. For shoppers seeking the brand’s signature designs — from the Tabby to the Metropolitan — (Re)Loved provides alternatives that combine provenance, scarcity and lower environmental cost. Buy with attention to condition and capacity, treat your piece with proper care, and you’ll own a unique object that tells both a personal style story and a story about circular fashion’s growing role in luxury.