Read Fashion Luxury News & Analysis Here | Business of Fashion
2 days ago · Kering Pounded by Luxury Slowdown, Warns on Profit. Sales at the French group fell 16 percent in the third quarter as a market-wide downturn hit hard. At flagship brand Gucci, where revenue fell 25 percent, management is exploring store closures while betting on a revamped handbag programme to jump start demand. 23 October 2024.
Shares of Luxury Brands Are Tumbling in a Sign Consumers’ High …
Oct 16, 2023 · Shares of the European luxury giant have fallen about 20 percent over the past six months, and according to Bloomberg, LVMH has led a sell-off that’s erased $245 billion in value from Europe’s seven biggest luxury firms in that time. “Today’s news that LVMH’s revenue growth has slowed dramatically likely marks the end of a global ...
How 2021 Reshaped the Luxury Market | BoF - The Business of …
By. Robert Williams. 11 November 2021. Sales of personal luxury goods enjoyed a “V-shaped recovery” in 2021, growing a steep 29 percent to €283 billion ($327 billion) after last year’s unprecedented dip, according to a report by consultancy Bain in partnership with Italian luxury consortium Altagamma. The industry is expected to finish ...
China Should Brace for Higher Luxury Goods Taxes, Analysts Say
Oct 20, 2021 · China’s consumption tax, with rates below 20 percent for most products, currently covers goods including tobacco, liquor, watches and luxury cars, and accounts for about 9 percent of overall tax revenue, according to CICC. The investment bank’s analysts also expect authorities to move the collection of consumption tax from production to ...
Read Leather Goods Fashion News & Analysis Here | Business of …
Apr 3, 2024 · How a unique approach to supply chain, design, communications and retail has powered blockbuster demand for iconic bags like the Birkin and Kelly, enabling the French leather goods house to face down rivals and become a global megabrand with a market capitalisation greater than Nike’s. 25 May 2023. Luxury.
US Luxury Spending Down 11% in July, Says Citi | BoF - The …
US consumers spent 11 percent less on luxury goods in July compared to the same month last year, Citi Research said Friday citing data from a panel of 10 million credit card-holders. The drop suggests further deterioration in luxury demand at the start of the third quarter: June’s credit card data showed a 7 percent drop.
How Luxury Brands Are Raising the Stakes on Instagram
By. Reuters. 16 June 2019. PARIS, France — Big-spending luxury brands like Gucci, Louis Vuitton and Christian Dior are splashing out on everything from dance-fuelled fashion shows to teams of advisers as they target social media platforms in the hunt for young shoppers. Without the entry barriers of magazine advertising — where a one page ...
Luxury Slowdown Could Last Longer Than Previous Crises, Chanel …
Oct 30, 2024 · The biggest challenge for the luxury sector today is not the general macroeconomic context or the weakness of key markets like China, but customer fatigue with a luxury industry that seems increasingly banal, Chanel Watches and Jewellery president Frédéric Grangié told Swiss newspaper Le Temps.
China Sales of Luxury Goods Grew 36% in 2021, Bain Estimates
Jan 20, 2022 · Domestic sales of luxury goods reached 471 billion yuan ($74.24 billion), a near doubling in two years, according to Bain & Company’s annual “China Luxury Report 2021″, released Thursday. Performance varied markedly in 2021, with some luxury brands seeing as little as 10 percent growth in China, while others enjoyed growth rates above 70 ...
Inside Luxury’s Italian Sweatshops Problem | BoF - The Business of ...
Sep 17, 2024 · Though the “Made in Italy” label is a lynchpin of the luxury trade, its cultural cachet long serving as shorthand for top-notch production, the reality is darker and more complicated. Roughly half of the world’s luxury clothing and leather goods are made in Italy by thousands of small manufacturers, according to consultancy Bain.