Posted by Barry Silverstein on December 6, 2012 11:01 AM
Next year is shaping up to be mixed, at best, for luxury goods. Continuing economic woes in the Eurozone, a flagging Japanese economy, and slow recovery in the U.S. will likely lead to modest spending on luxury brands in those regions.
At a recent fashion summit in Florence, Italy, luxury designers were downbeat. Michele Norsa, CEO of Salvatore Ferragamo, the Italian shoemaker, said: "Markets are very volatile. We must keep a cool head and define our forecasts day by day. ...The first part of the year will be slower. In the second part there will probably be a recovery. These are the signs we are receiving from all our markets." Michele Tronconi, the head of Sistema Moda Italia (SMI), Italy's fashion body, added, "Orders of goods to be delivered in the coming months have shrunk and I don't expect this trend to change soon."
Indeed, Italy is a microcosm of Europe's slide when it comes to luxury goods. Luca Solca, who heads luxury goods research at the Exane BNP Paribas investment group said Italy's luxury goods sales have taken an "abrupt hit" due to the country's austerity measures. Sales of luxury goods are expected to decline nearly 1 billion euros by year's end in Italy despite solid tourism. Globally, sales of luxury goods should grow about 5 percent in 2012 vs. 13 percent last year according to a report by consulting firm Bain & Co.Continue reading...
Posted by Abe Sauer on November 11, 2011 12:09 PM
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Posted by Dale Buss on June 17, 2011 09:00 AM
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Posted by Brandchannel Staff on April 30, 2010 08:01 AM
Apple files to trademark app icons and shuts down Lala music service, while Adobe confirms it will move away from Apple products.
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More headlines after the jump.Continue reading...