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The luxury sector faced major shifts over recent years from rapid inflation to slowing economic growth, continued COVID lockdowns in China, and the outbreak of war in Ukraine in 2022.
Despite these headwinds, sales have never been stronger in the luxury market, with positive growth generated for 95% of luxury brands according to Bain and Company’s 2022 research.
Moving into 2023, the market has continued to hit the headlines with LVMH recently announcing their fashion and leather goods business through sales by 18% to €10.73 billion in Q1 of 2023.
On this episode, our host – Grace Hill, is joined by Federica Levato, Senior Partner and the EMEA Leader of Fashion and Luxury at Bain & Company, and Carlo Moltrasio, Associate Partner within Bain’s Luxury and Fashion Goods vertical.
We discussed Bain’s industry insight ‘Three Reasons Luxury Should Remain Resilient’, powered by EDITED data. During our conversation, Federica & Carlo outlined three priority areas for brands to focus their attention on, including the need for high-low mastery in pricing, shrewd discounting management, and an agile assortment to navigate these uncertain times in the decade ahead.
If you’re interested in downloading this infographic and research behind this episode please head to: https://www.bain.com/insights/three-reasons-luxury-should-remain-resilient-infographic/..