The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — A study shows that wealthy Chinese remain the No. 1 buyers of luxury products worldwide, inured to economic turmoil at home as they zigzag the globe in search of deals on everything from handbags to jewelry.
The study by Bain & Company consultancy released Thursday by the Altagamma association of Italian luxury producers forecasts that global sales of personal luxury goods will jump 13 percent to 253 billion euros ($276 billion) this year.
That comes after two years of modest 3 percent growth.
Nearly one third of spending on high-end apparel, jewelry and handbags will have been by Chinese shoppers this year, the survey says.
Just 20 percent of Chinese spending on luxury goods is at home.
The Rome-based couture house’s bet on Rome’s most bankable design talent could help it punch above its weight.
The duo behind Skims are taking a minority stake in the luxury cashmere label, with an eye on scaling the cult brand.
After headline pieces — sometimes formerly owned by celebrities or featured on TV — sell for blockbuster prices, they can end up pretty much anywhere, from museums to collectors’ closets.
Serre, who grew sales by 20 percent in 2023, has been named Pitti Uomo’s next guest designer. She’s using the opportunity to show her men’s collection for the first time.