After 2018 dull trend, luxury may recover (despite everything) in 2019: “Early signs are quite clear”

Despite a disappointing performance in 2018, luxury might reorganize and revamp its business in 2019. Business of Fashion carried out an analysis over the economic and financial trend of several fashion brands: on the one hand, they highlighted the bad performance, throughout 2018, of some important brands, such as Tiffany, Ferragamo, Tod’s and Prada; on the other hand, they also emphasized that new strategies towards markets and customers might prove profitable during 2019 as well. In fact, in the first months of 2019 Ferragamo’s sales are going well; likewise, Prada and Tiffany have been increasing their revenues, despite the fact that demand is slowing down in China. As for Tiffany, in particular, e-commerce might drive considerably the brand’s business boost: that is why the company’s top managers have focused their attention on it. As regards Hermès, “even though the brand’s profits did not match 2017 top record”, remarked journalist Pierre Mallevays, they achieved some good accomplishments and, most of all, sales did not decrease at all in China. Furthermore, other companies are striving hard to implement some innovative and alternative solutions to keep up: for example, Galeries Lafayette group have been modernizing their shopping store on the Champs-Elysés, in Paris, going beyond the shop-in-shop concept. Aiming to take gentle care of their clients, they provide them with 300 “personal stylists” that customers may book through the app. On top of that, they are also providing some “intelligent hangers” that hand out information about stocks of items and their availability. Throughout 2019, then, international markets instability might not affect the luxury business at this point.

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