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Wednesday, 25 December 2024
Luxury industry faces crisis: China slowdown and soaring prices
Luxury industry faces crisis: China slowdown and soaring prices
According to a Bain & Company report, 2024 was the first year of decline in luxury sales since the financial crisis in 2008.
Former LVMH chair of North America Pauline Brown joined Catalysts hosts Julie Hyman and Madison Mills to reflect on the luxury sector’s biggest challenges in 2024 and discuss whether those losses could continue into 2025.
Brown highlights the slowdown in China as a major issue, as it notably marks the end of the market's rapid growth seen in the last decade. "The issues within the sector go much deeper than China, and I think some of them are not being talked about enough," Brown says. "If you look at most of the brands ... most dramatically seen with Chanel, but also with certain items from Prada, from Dior, from many of the big nameplates, the price on their handbags and their shoes has gone up anywhere from 75 to 100% on the same items just in the last five years." She notes that this was "not inflation driven."
Brown also points to a few standout brands, like Hermés and Ralph Lauren, that are still thriving despite these broader industry struggles.
#luxury#china#yahoofinance
