Fourteen stores in Henan. No advertising. Revenue more than doubled in three years to 23.5 billion yuan. Pang Dong Lai prints its cost price and margin on the shelf ticket and lets customers watch the rule run. Trust is not a value. It is the last competitive advantage that cannot be copied.

Luxury raised prices without raising quality or creativity — and the bill has arrived. Mid-market is now eating luxury's growth. Nick Gray, founder of IGU Global, argues this same dynamic is about to hit every brand via AI — and most leaders are about to make the same mistake, just with people instead of price tags.

The 2026 Edelman Trust Barometer just proved what we see at IGU every day. Business is the last trusted institution standing. Most brands are wasting it. Here's the data — and what it's costing you.