Sales of luxury goods worldwide are set to fall by 23% to 217 billion euros this year, their largest ever drop and first since 2009, due to the fallout from the coronavirus pandemic, consultancy Bain said on Wednesday.
Handbags and sneakers have become key levers for luxe labels aiming to attract and retain an increasingly younger clientèle by tweaking their price positioning, says a study by marketing metrics firm Retviews.
The French company behind Maybelline cosmetics and Garnier shampoo said on Thursday it was back to revenue growth in the third quarter as it performed well with Chinese customers and kept up its product launches.
Hermès' comparable sales picked up in the third quarter, rising 7%, and the Birkin bag maker said this positive momentum had extended into October after a strong rebound in Asia and surging online revenues.
French luxury group Kering confirmed a broad recovery in sales of high-end goods in the third quarter as Asian and U.S. demand helped revenues improve, though its star Gucci brand underperformed rivals.
On Sunday, Tom Van der Borght, a Belgian designer whose clothes one must “dare to wear”, made with recycled materials that “no one wants any more,” won the main prize at the fashion festival in Hyères, France.
Recovering sales of Louis Vuitton handbags helped LVMH contain the fallout from the coronavirus crisis in the third quarter, as the world's biggest luxury goods group reported a smaller-than-expected drop in revenues.