Worldwide luxury-goods sales could increase this year at the slowest pace since 2009 as spending falls for the first time in China and turmoil in Hong Kong and Russia curbs tourist consumption.
With a few notable exceptions, luxury brands remain slow in building digital capabilities, revealed a report released by Exane BNP Paribas.
The Savigny Luxury Index fell sharply over the month, losing 4.2 percent versus a flat MSCI World Index, as the industry suffers from a general slowdown and a red alert situation in Hong Kong.
The Swiss watch market is growing at a slower pace than expected, leading to reduced production and job cuts at the Tag Heuer brand, according to the head of LVMH Moet Hennessy Louis Vuitton SA’s timepiece unit.
LVMH Moet Hennessy Louis Vuitton SA signed an accord with Google Inc. to tackle the advertising and sale of counterfeit goods online, ending a legal dispute between the two companies.
Set to present his third CG by Chris Gelinas collection at New York Fashion Week, the Canadian-born, New York-based designer speaks to BoF on how he’s balancing early critical success with the challenges of running a fashion start-up.
The Savigny Luxury Index fell a further 3.8 percent this month. The outlook for the luxury goods sector darkened as disappointing results from industry leader LVMH showed how the strong euro and political protests in Hong Kong were curbing spending and hitting profits.