"'Quiet luxury' has supported average selling price at the expense of volumes," Bank of America analysts wrote. "The industry needs to pivot back to creativity."

The luxury sector has seen a recent upturn, propelling Bernard Arnault, the CEO of Louis Vuitton Moët Hennessy (LVMH), to reclaim his position as the third richest person in the world. In less than a week,

"'Quiet luxury' has supported average selling price at the expense of volumes," Bank of America analysts wrote. "The industry needs to pivot back to creativity."