You can find the correct answer and detailed explanation for each question immediately following the question (simply highlight to read), along with all the answers at the end of the quiz. Good luck!
Question 1: Who said, “We’re so privileged to have our senses. We forget sometimes to give value to them”?
Answer 1: Choice (d) is correct. “We’re so privileged to have our senses,” Armand Hadida says. “We forget sometimes to give value to them.” The notion of a “concept store” barely registered back when Hadida and his wife Martine set up their first L’Éclaireur in the lower level of a gallery on the Champs Elysées in 1980.
Question 2: Burberry held its latest fashion show this week. What design element dominated its runway presentation?
Answer 2: Choice (c) is correct. Christopher Bailey has turned Burberry into one of the world’s top international fashion brands, in part, by creating uniquely Burberry looks that are cohesive and on-brand, whilst changing just enough of the ingredients every season. This time we had a fringe attack: fringed stoles as big and luxurious as blankets, fringed scarves and suede fringe in traditional trench-cut coats in — yes! — suede as well as capes made entirely of the material.
Question 3: Endless is a global jewellery brand that generates $30 million in annual sales. Who is its celebrity spokesperson?
Answer 3: Choice (a) is correct. Brought on board in August, Jennifer Lopez is contracted to be a spokesperson and ‘designer’ for Endless for the next three years, and, as Endless founder Jesper Nielsen explains to his retail partners and sales reps, her face and her fame are going to be key to the brand’s success.
Question 4: Which fashion brand recently announced its plans to introduce more handbags priced between 1,000 and 1,200 euros?
c. Louis Vuitton
Answer 4: Choice (b) is correct. Prada said in December as it announced plans to open fewer stores in fiscal 2016 and to introduce more bags priced between 1,000 euros and 1,200 euros.
Question 5: Armand Hadida of L’Éclaireur started his retail career in 1970 working at a high-end boutique on the Left Bank in Paris. Who was his first customer?
a. Brigitte Bardot
b. Coco Chanel
c. Princess Grace
d. Sonia Rykiel
Answer 5: Choice (a) is correct. On his first day, back in 1970, at a high-end boutique on the Left Bank, Armand Hadida served a beautiful woman doing her best to conceal her visage with a headscarf and sunglasses. That afternoon, he found out she was Brigitte Bardot.
Question 6: According to Luca Solca of Exane BNP Paribas, which of the following LVMH brands can be considered promising growth candidates?
a. Marc Jacobs
c. Loro Piana
d. All of the above
Answer 6: Choice (d) is correct. Luca Solca recently shared that Fendi, Marc Jacobs, and Loro Piana are promising candidates for LVMH.
Question 7: China’s economic growth could slow to approximately ___ percent this year.
Answer 7: Choice (b) is correct. China's economic growth could slow to between 6.9 percent and 7.1 percent this year as the country fends off deflation risks.
Question 8: Who said, “The mystique is gone. Now being a fashion designer is like becoming a lawyer”?
Answer 8: Choice (c) is correct. “…Fashion is now pop, where it used to be a niche. It moves with such speed," said Raf Simons. "Sometimes it leads to a lack of depth. The mystique is gone. Now being a fashion designer is like becoming a lawyer." He pauses, then adds, as though this next thought is something he's wrestled with and finally accepted, though just barely: "Fashion is overtly about commerce. That's okay."
Question 9: In a recent Harvard Business Review article, Nordstrom reports that customers who have a multi-channel relationship with the brand spend _____ as much as those who do not.
Answer 9: Choice (c) is correct. Nordstrom reports that customers who have a multi-channel relationship with the brand spend four times as much as those who do not, according to a recent Harvard Business Review article.
Question 10: According to a recent McKinsey study covering online luxury fashion, what is the number one reason US luxury consumers give for purchasing products online?
b. Comparison shop
c. Absence of salesperson pressure
Answer 10: Choice (a) is correct. The top reason U.S. luxury consumers give for purchasing products online is the ability to buy whenever it’s most convenient (80 percent say this). The ability to compare and price items before buying is also highly appealing (76 percent gave this reason), as is the absence of feeling pressured by salespeople into buying something (63 percent).
Answer Key: 1. (d) 2. (c) 3. (a) 4. (b) 5. (a) 6. (d) 7. (b) 8. (c) 9. (c) 10. (a)