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.
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As traffic to stores soars, Chanel’s chief financial officer Philippe Blondiaux said the brand plans to open dedicated boutiques for top-spending clients starting in key Asian cities. It’s a strategy that emphasises the importance of big spenders to the in-demand French luxury brand’s future amid whispers of an impending recession — but one that risks alienating first-time and occasional shoppers who are still dropping upwards of $10,000 for bags.
“Brands like Chanel, they’ve lived through lots of cycles of boom and bust in the economy … When there’s an economic crisis, they need to be ready to have a real focus on repeat business,” said BoF’s luxury editor Robert Williams.
Sabato De Sarno, a close associate of star designer Pierpaolo Piccioli, will succeed Alessandro Michele at the creative helm of Italy’s biggest brand.
The world’s biggest luxury conglomerate is counting on China’s reopening to boost sales after quarterly growth slowed to a single-digit rate for the first time since 2020.
This week LVMH will report results, and executives may offer clues about its megabrands’ next steps under new leadership. That plus what else to watch for this week.
A performance by pop superstar Rosalía made Louis Vuitton’s menswear show a memorable spectacle, even as the brand has yet to name a successor to designer Virgil Abloh.