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.
The French luxury goods giant was on a “very good track” regarding its performance for the first six months of the year.
“I am optimistic, you will see the numbers,” Arnault told reporters during a tech event in Paris, referring to his group which owns labels Louis Vuitton and Dior.
Arnault said he was optimistic central banks in the United States and Europe could slow inflation without triggering a recession, noting “the global economy is at a turning point.”
The luxury industry started the year strongly, riding a wave of demand for high-end goods from consumers eager to spend money saved during the pandemic as socialising resumed.
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But recent lockdowns in China, a key growth driver for European luxury houses, have prompted concern that demand for high-end fashion and accessories could slow.
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LVMH Expects China to Bounce Back Quickly From Covid-19 Lockdowns
Fashion sales grew by 30 percent in the first quarter, despite a rocky start in the Chinese market, the world’s largest luxury group said.
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.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.
After growing the brand’s annual sales to nearly €2.5 billion, the star designer has been locked in a thorny contract negotiation with owner LVMH that could lead to his exit, sources say. BoF breaks down what Slimane brought to Celine and what his departure could mean.