On Tuesday, Gucci-owner Kering SA said third-quarter sales excluding currency movements and mergers and acquisitions fell 9%, worse than the 6% decline expected by analysts. That’s in stark contrast with Hermes International SCA, which beat estimates and said it saw no signs of demand waning among its well-heeled clientele in any of its markets. In the same vein, last week billionaire-favorite Brunello Cucinelli SpA upgraded its revenue forecast for the third time this year.The dichotomy can be explained by sharply different customer bases.

Confidence has crumbled among the simply affluent in the US and in Europe. Meanwhile, the uber-wealthy have continued to spend. That’s corresponded with a shift in fashion trends from ostentation to more refined elegance. Hermes and ca…