Fashion's Money Finds Its Taste

Investors in fashion are changing what they reward. After a run of chasing sheer speed and size, the smart money is now asking plainer questions: does the business turn a profit, and is it a brand people genuinely want to wear? Growth still counts, but only the durable kind, not growth staged for headlines. It amounts to a vote for substance over spectacle, and for brands built to last rather than built to impress.

With reporting from Vogue.