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.
July 13th at 15:00 BST / 10:00 EDT
Looking ahead to 2025, the fine jewellery and watch industries are poised for steady growth in a market in which significant opportunities will emerge for players who embrace new ways of doing business to adapt to changing consumer behaviours and market dynamics.
The authors of BoF and McKinsey & Company’s new Watches and Jewellery special edition of The State of Fashion unpack the key market insights, industry shifts and advice for business leaders for the next five years as both sectors find themselves at an inflection point, feeling the lasting impact of the Covid-19 pandemic.
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Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.