This article examines the legal implications of upcycling luxury goods bearing registered trade marks through the lens of the Chanel v. Kamad Reworked decision (Paris Judicial Court, 21 May 2026). It explains that the authenticity of the original components does not prevent trade mark infringement when they are incorporated into a new commercial product. The article explores the limits of the exhaustion doctrine, the ineffectiveness of disclaimers and authenticity certificates, and the protection afforded to the reputation and investment of trade mark owners. It concludes by highlighting an emerging international trend seeking to balance the objectives of the circular economy with the fundamental principles of trade mark law.