Luxury retail has been one of the sectors hardest hit by the global recession, as shoppers increasingly defer new purchases, spend less, or simply trade down to discounts on higher-end brands or fast fashion alternatives. However, amid signs the market is starting to stabilise, retailers are warned the post-recession luxury market will be far different from the one that came before. |
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INSIGHT: Versace cuts jobs as luxury downturn bites - Article (29th October 2009) Italian fashion house Versace Group today (29 October) confirmed to just-style that it is cutting 350 jobs – around a quarter of its worldwide workforce – as it struggles to cope with the slowdown in spending on luxury items. SPAIN: Iame plans luxury holding to take on LVMH - Article (22nd October 2009) Spain-based Iame has not given up on its dream to launch a Spanish luxury fashion holding to take on the likes of LVMH, despite failing to raise the funds necessary to pursue the project last year. 10 global luxury trends for the coming decade - Article (21st October 2009) The luxury market has been down, but it’s definitely not out – with dramatic shifts set to come in the decade ahead. US: Luxury shoppers in Asia and online set to lift sector - Article (21st October 2009) Strong demand for luxury goods from shoppers in China and online will help return the sector to growth next year, a new report predicts, although it cautions that a full recovery is not likely for another two years. ITALY: Luxury fashion house Brioni plots Asian expansion - Article (14th October 2009) Italian luxury fashion house Brioni is launching a fragrance in London today (14 October), as its new CEO Andrea Perrone pushes ahead with expansion plans, especially in Asia. FRANCE: Luxury brand owners target Chinese consumers - Article (28th September 2009) French luxury brand owners are launching an online campaign to try to drive sales in the Chinese market. UK: Luxury retail readjusting to recession – research - Article (17th July 2009) Luxury retailers are being forced to readjust their business models in the midst of the global crisis, a new report has found, with the luxury retail sector likely to emerge from the recession in a radically different form. |
