Every quarter, the fashion industry is treated to an installment of the Lyst Index, a report that ranks the most ‘in-demand’ brands and products according to metrics like sales, searches and social media engagement. The Q4 Lyst Index, covering the period of October to December 2025, has now been unveiled, and let’s just say it looks a little… sad.
Historically, the Lyst realm has been dominated by luxury labels — hyped names like Miu Miu and Loewe, trad houses like Saint Laurent and Gucci, modern classics like The Row and JW Anderson. More unexpected (and affordable) names also float around, including Skims, Birkenstock and even Cos, which made fashion headlines by taking third position in Lyst’s last ranking of ‘Hottest Brands’.
Cos has retained that place this time around. It follows Saint Laurent and Miu Miu in the top spots and has been joined by the surprise appearance of Massimo Dutti at number 16, indicating an increasing appetite for high street brands over designer labels. What is even more surprising, though, is the Q4 ‘Hottest Products’ list.
Claiming the top spot is a quarter-zip jumper (we’ve got Matthieu Blazy’s Métiers d’art 2026 show and Gen Z TikTokers to thank for that renaissance) by Ralph Lauren’s mid-tier sub-label, Polo Ralph Lauren. This is followed by a Massimo Dutti puffer jacket and Arc’teryx’s ubiquitous ‘Bird Head Torque’ beanie.
Things get a little more luxury further down the list — a Burberry scarf, a Saint Laurent slingback — while a shearling-lined Ugg ballet flat feels like a suitably frivolous addition. But overall it feels a little bland and uninspiring. It feels, in fact, like an undeniable recession indicator.
There are still some higher price point entries, and there’s nothing wrong with more affordable items getting recognition. A ranking based on consumer behaviour is difficult to argue with, although some fashion commentators, including Instagram account @boringnotcom, have been vocal about their scepticism. In any case, for a list that used to feel aspirational and fun, it’s a decidedly dreary state of affairs.
“What’s interesting about this Lyst Index is how conservative it feels,” says Eshita Kabra-Davies, founder of fashion rental platform By Rotation. “These aren’t novelty pieces or trend-led buys, they’re classics with longevity: a Ralph Lauren knit, a Burberry scarf, a Chloé Paddington bag.
“That tells me consumers are becoming far more considered with their spending. We’re seeing the same behaviour on By Rotation. People still want access to luxury, but they’re choosing to rent these heritage, high-quality pieces rather than commit to buying them outright. In that sense, rental becomes a way to participate in luxury culture without the financial risk, which is often what happens during periods of economic uncertainty.”
Perhaps a more enlightening list could be drawn from the products consumers are renting, or buying second-hand on resale platforms like Vinted and Depop. I’d wager that list would also be a little more lively...
