Fashion’s Party Is Just About Over. Here Comes the Hangover.

When Mitsuru Nishizaki sends his last model down the runway at the Ujoh show in Paris on Tuesday, it could mark the end of a charmed era for luxury — and the fashion industry as a whole. A growing chorus of industry executives and experts are warning that the post-pandemic shopping boom is coming to a close.

Luxury brands in particular have had an incredible run almost from the moment the lockdowns lifted in 2020, a gravity-defying streak…