Since the pandemic’s outbreak, luxury sales in China have boomed, accounting for up to 80% of the global market in 2020. A position that will stay dominant for years to come, according to Jefferies and Bain & Company.
Faced with consumers who are increasingly demanding in terms of brand values, luxury labels are undergoing a sea change, extending their vision beyond products. Gucci more than others, through its unique initiatives.
Gen Z and Millennial consumers will account for two thirds of the luxury market in 2025, forcing labels to adapt their strategies to their young clientèle’s “activist” vision, said the latest study by Bain & Co.
The Prada group’s label targeting younger consumers has appointed Benedetta Petruzzo, formerly with the Kering group, as its new CEO. She succeeds Maria Cristina Lomanto, who left last summer to join Roger Vivier.
Millennial and Gen Z consumers, especially from Asia, plus the growth of online, a booming secondhand market, and a desire for social responsibility are all pushing growth higher in the luxury market, a new study shows.
French luxury group LVMH has persuaded U.S. jewelry chain Tiffany & Co to provide it with confidential due diligence after it raised its bid to close to $16 billion, people familiar with the matter said on Wednesday.
Italian authorities arrested the boss of a company in the southern city of Naples that employed dozens of undocumented workers allegedly making leathergoods for some of Europe's best-known luxury groups.