FRANCE: Rating system launched for luxury goods sector
The luxury goods sector now has its own rating system that ranks firms according to crtieria including creativity, expertise, financial performance, company governance and image.
De Luxe Rating was launched in Paris earlier this week by French consulting firm, the Centre du Luxe et de la Création (CLC) and advertising agency, Grey Paris,
part of the Grey Worldwide network (WPP group).
"Until now, there has not been a tool which allows luxury goods firms to be assessed and evaluated according to criteria pertinent to the sector," said the president of the CLC, Jacques Carles.
De Luxe Rating awards an overall rating such as 'Triple A,' along the lines of those published by financial ratings agencies such as S&P and Moody's.
Carles underlined that the luxury sector "remains one to be discovered and doesn't enjoy global visibility."
Currently only financial analysts evaluate luxury goods firms, especially those quoted on the stock exchange.
But the sector was made up of a multitude of small concerns "and the need for visibility and evaluation does not focus solely on the financial health of companies," he added.
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