"50 million luxury consumers have either opted out of the luxury goods market or been forced out of it in the last two years," Claudia D'Arpizio noted, highlighting the massive downturn in consumer engagement within the luxury sector due to shifting economic dynamics.
"The negative environment predicted by many in the fashion industry this time a year ago has now materialized," a McKinsey report stated, emphasizing how the anticipated downturn in luxury goods has unfortunately come to fruition.
"Many are navigating a momentary crisis, driven by macroeconomic pressures and a polarized customer base," D'Arpizio stated, pointing to broader economic challenges affecting consumer spending habits and luxury brand performance.
The stock price of Kering, the owner of Gucci, has fallen more than 40% this year, underscoring the significant challenges faced by luxury brands, exacerbated by the global economic climate.
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