Why Louis Vuitton is struggling but Hermès is not
Worries that the luxury business is peaking are overblown
There will be fewer designer handbags and high heels under Christmas trees this year. Spending on personal luxury goods is set to fall by 2% in 2024, according to Bain, a consultancy. Sales of fashion and leather items at LVMH, the world’s biggest luxury conglomerate, have tumbled. Kering, which owns Gucci, has issued a string of profit warnings. Anyone who receives Versace goodies from Santa may feel a little less flattered than usual. The luxury brand is selling 40% of its products at a discount.
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This article appeared in the Business section of the print edition under the headline “Luxed out”
Business December 21st 2024
From the December 21st 2024 edition
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