China’s wealthy shoppers have a new mentality—and it’s terrible news for luxury brands like LVMH and Kering who bet billions on their loyalty
They are now choosing to spend their money in new ways.
Luxury
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Gucci 2024 sales in the red, says luxury fashion house owner Kering
Sales retreated 12 percent to 17.2 billion euros.
How Chinese Tourists Fuel a $100 Billion Luxury Goods Black Market
Moments later, outside the store, a handler collects the bags, marking yet another successful purchase for China’s $100 billion luxury black market.
Swiss Luxury Jewelry Market Embraces Blockchain for Diamond Tokenization
Transforming the Diamond Trade with Digital Innovation
Gucci parts ways with Sabato De Sarno amid sales decline
Third profit warning rocks Kering as flagship brand struggles.
Ferrari races to another record-breaking year, e-model set for Oct. 9
For the fourth quarter alone, net profit climbed 31 percent from the period the year before to 386 million euros, also ahead of forecasts.
Wealthy Americans are buying more diamonds at last
De Beers sees improvement after several years of subdued demand.
LVMH to be driven in 2025 by its powerhouses Louis Vuitton, Dior, and by Tiffany
Elements that are expected to allow the group to look to 2025 with a little more optimism.
Michael Najjar nominated for the Prix Pictet
The prize, awarded annually by the Swiss private bank Pictet, is one of the world's most important awards for photography and sustainability.
LVMH sells Stella McCartney minority stake as luxury sector struggles
The company owns a variety of high-end brands including Givenchy, Celine, Fendi, Christian Dior and Sephora, as well as champagne brands such as Dom Pérignon and Krug.
Jaguar Land Rover is betting wealthy customers will pay extra to paint their car the same color as their private jet or yacht
It needs to expand its range of custom personalization options.
The 10 most luxurious airline perks for wealthy fliers
From unlimited caviar to Bulgari cosmetics, a luxurious life in the skies is possible for the right price