Faced with consumers who are increasingly demanding in terms of brand values, luxury labels are undergoing a sea change, extending their vision beyond products. Gucci more than others, through its unique initiatives.
Tata Group business Titan Company Ltd reported strong year-on-year growth during the festive season, especially in its jewellery and watches and wearables segments, bringing relief after recent declines in profits.
Sales of luxury goods worldwide are set to fall by 23% to 217 billion euros this year, their largest ever drop and first since 2009, due to the fallout from the coronavirus pandemic, consultancy Bain said on Wednesday.
Gucci debuted its fashion TV series on Monday evening, featuring its latest collection, an online innovation entitled Ouverture of Something That Never Ended, jointly directed by Alessandro Michele and Gus Van Sant.
Farfetch is rarely out of the news these days and it’s currently making headlines with its Q3 results. It's still loss-making, but appears to be riding the wave of the "paradigm shift in favour of online luxury".
Covid-19 has once again put the brakes on consumer spending, according to a recent survey by Deloitte. In luxury shopping districts, in Milan for example, the footfall drop since the start of 2020 has been drastic.
Titan Company Ltd reported a standalone net profit of Rs 199 crore ($26.8 million) in the September quarter, as against a net profit of Rs 320 crore it had reported in the same quarter of the previous year.
Luxury shopping in the post-Covid era is seen again as an exclusive gratification, a localised, digital and sensorial experience through authentic, high-added-value products, according to market research firm Ipsos.
French luxury group Kering confirmed a broad recovery in sales of high-end goods in the third quarter as Asian and U.S. demand helped revenues improve, though its star Gucci brand underperformed rivals.
Recovering sales of Louis Vuitton handbags helped LVMH contain the fallout from the coronavirus crisis in the third quarter, as the world's biggest luxury goods group reported a smaller-than-expected drop in revenues.