Ecommerce has momentum: by 2025, consultancy Bain & Company estimates that roughly one-third of luxury’s annual sales will be made online, up from 12 per cent of total sales of €281bn in 2019. The shift is being driven by millennials and customers in China — both the world’s most advanced ecommerce market and the fastest-growing market for luxury goods.

Few of them have cracked profitability despite growing user bases, so they may eventually be forced to consolidate, said Claudia D’Arpizio, a consultant to the luxury industry at Bain. “Amazon can pose a real challenge to these etailers, as well as take share from physical department stores, which are already struggling,” she said.