×
192
Fashion Jobs
NEEJ
Business Development Manager
Permanent · MUMBAI
LIFESTYLE BRANDS
Regional Sales Manager, Peter England - Bangalore
Permanent · BENGALURU
KITEX GARMENTS LIMITED
General Manager - Merchandiser
Permanent · ALUVA
ZODIAC CLOTHING CO LTD
Sourcing Officer (Fabric & Garment)
Permanent · MUMBAI
LIFESTYLE BRANDS
Head of Marketing, Louis Philippe - Bangalore
Permanent · BENGALURU
LIFESTYLE BRANDS
Manager - Online Sales &Amp; Merchandising Bangalore
Permanent · BENGALURU
LIFESTYLE BRANDS
Group Manager - E-Commerce Product (B2B)
Permanent · BENGALURU
LIFESTYLE BRANDS
Manager - Product, Louis Philippe
Permanent · BENGALURU
PANTALOONS HO
Senior Executive - Marketing
Permanent · PUNE
LIFESTYLE BRANDS
Manager - Trade Channel, Finance
Permanent · BENGALURU
LIFESTYLE BRANDS
Executive -Key Accounts (Mis),lp
Permanent · BENGALURU
LIFESTYLE BRANDS
Senior Executive - Garment Technician (ww &Amp; Kids), Pdqa
Permanent · BENGALURU
LIFESTYLE BRANDS
Sales Executive - Kannur &Amp; Kasargod
Permanent · BENGALURU
HIGH FASHION GARMENT COMPANY
Manager Humanr Resource (Male) From Mumbai Only
Permanent · MUMBAI
RAJ KHATRI FILMS PVT LTD
Digital Marketing Executive
Permanent · MUMBAI
PANTALOONS HO
Manager - Digital Marketing - Mumbai
Permanent · PUNE
ANANDGUPTA COUTURE
Social Media Marketing & Fashion Design Assistant
Permanent · MUMBAI
DESIGNR
Sales Officer
Permanent · NEW DELHI
NETE.IN
CRM & Logistics Executive
Permanent · MUMBAI
FABINDIA OVERSEAS PVT. LTD.
Retail Planner
Permanent · NEW DELHI
SELECTIVE GLOBAL SEARCH PVT. LTD.
Business Development
Permanent · NEW DELHI
AJIO - RELIANCE INDUSTRIES LTD
Sales Officer
Permanent · KARIMNAGAR

Global luxury sales to end this year 10% down

By
AFP
Published
today Sep 10, 2009
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

SAO PAULO, Sept 9, 2009 (AFP) - The global luxury market has been badly wounded by the financial crisis and will not fully recover for at least another three years, an international conference on the sector heard in Brazil on Wednesday 9 September.


Chanel, an established "absolute" brand was seen as a likely winner among well-heeled but newly cautious buyers - Photo: www.chanel.com

This year is likely to show a slump of up to 10 percent in luxury sales, to around 154 billion dollars worldwide, Gabriele Zuccarelli, a senior analyst with the international business consulting firm Bain and Company, told the Atualuxo conference in Sao Paulo.

"2009 won't be a good year," he said.

The medium term promised only some modest pick-up, he said, with next year's sales expected to edge up to 156 billion dollars next year, 162 billion in 2011 and around 174 billion in 2012.

The premium products looked at included real estate, yachts, technology, cars, services, hotels and restaurants, as well as personal items such as clothing, cosmetics and jewelry.

Sales of luxury apparel were the worst affected by the credit crunch that started at the beginning of 2008, Zuccarelli said, putting that segment's decline this year at 15 percent.

The shift was towards "quality and durability" in garments rather than transient fashion, he said.

Established "absolute" brands Chanel, Armani and Hermes were seen as the likely winners among well-heeled but newly cautious buyers, while "high fashion content" labels like Prada, Valentino and Versace would struggle.

Italian company Bulgari was among the worst performers with an expected 20-percent slump in sales, he said.

High-end consumers in the United States, Europe and Japan were spending less, he explained, with high net worth Americans in particular worried about their financial future.

Only China showed a continued growth in appetite for expensive and exclusive products, with seven percent growth forecast this year.

Even so, "it's clear that the outlook is bad," Zuccarelli said.

He advised companies in the sector to get closer to their customers, to selectively shore up prices amid pressure for sales to clear inventories, and to streamline where possible -- but without aggressive cuts to personnel or marketing.

The Atualuxo luxury business conference, running over three days to Friday 4 September, gathered 30 speakers from well-known companies and brands in the sector, including Audi, Pernod Ricard, Interbrand and Moet Hennessy.

Copyright © 2019 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.