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Saint Laurent CEO Cédric Charbit has admitted that the luxury industry must work harder to reconnect with so-called aspirational customers — shoppers who are not ultra-wealthy but remain a crucial part of demand in the high-end market.

Speaking at the Financial Times Business of Luxury summit in Puglia, Italy, Charbit acknowledged that the brand has not always been effective at retaining middle- and premium-segment consumers.

“We haven’t been good enough at retaining clients. We need to do better,” he said.

According to Charbit, Saint Laurent has traditionally focused heavily on its wealthiest clientele, while a significant portion of consumers “fell through the cracks.” The company now plans to rethink its strategy and engage more actively with this audience in an effort to restore the balance between exclusivity and accessibility.

Charbit also revealed that Saint Laurent intends to expand into underdeveloped categories, including menswear, while preserving the brand’s desirability and status appeal.

The comments come during a difficult period for both Saint Laurent and parent company Kering, which has been hit by a slowdown in the global luxury market, weakening consumer confidence, and the effects of inflation.

Particularly intense pressure has fallen on Gucci — the group’s largest brand — whose sales have dropped sharply, increasing investor concerns about Kering’s ability to reignite growth.

Although Saint Laurent has performed more steadily than some competitors, the broader trend remains challenging: demand is softening even in the premium segment, especially among younger shoppers.

Charbit admitted that the explosive growth experienced by the luxury industry in recent years was ultimately “unsustainable.”

“The industry’s growth has been extraordinary, but it cannot continue in the same way,” he said. “Going forward, we will expand product categories — not only because the world is changing, but because it is part of the brand’s DNA.”

He also praised newly appointed Kering CEO Luca de Meo, describing his leadership style as exactly what the luxury industry needs in the current climate.

“Luca describes himself as brutal. I see him as direct and decisive. Luxury needs more leaders like that,” Charbit added.

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