2024 was a particularly intense year for the world of luxury. Between economic challenges, major industrial upheavals and cultural transformations, the industry experienced a year rich in landmark events. Here’s a look back at 15 of the most significant moments that shaped this exceptional year for luxury.
After 2020, voted the “worst year ever” for luxury, 2024 saw a gradual slowdown in growth, following euphoric years in 2022 and 2023 for the sector. Despite the end of the pandemic, the sales freeze stalls in China, while the Middle Kingdom experiences mass unemployment for its young people and faces an unprecedented real estate crisis.
Despite this, life has returned to normal since the COVID-19 crisis. Major events, such as the Paris Olympics, were able to take place, albeit with disappointing tourist numbers for the luxury sector. At the same time, international news was marked by an inflationary context, violence in Ukraine and the Middle East, as well as Donald Trump’s return to the White House…
Here is our selection of 15 events that marked the year 2024, as seen by the Luxus+ editorial team, led by Victor Gosselin and Sophie Michentef!
1. Luxury slowdown
2024 was marked by a noticeable slowdown in the luxury goods market, with a decline in the performance of the major Houses in the first half of the year. A trend confirmed by several reports and articles analyzing the impact of global economic conditions on the consumption of luxury goods.
2. LVMH stalls in Q3
The third quarter of 2024 was marked by a decline in sales for LVMH, a luxury giant whose performance was affected by adjustments in its core segments.
3. Hermès laughs, Gucci cries
A year of contrasts for the luxury giants: while Hermès continues to prosper with sustained growth, Kering and its flagship brands, including Gucci, had a difficult year.
4. Europe in the grip of the Chinese electric car surge
The Chinese electric car has established itself as a rising force on the European market, disrupting traditional luxury car players and redefining the stakes for the coming years.
5. French cognac hit by Chinese retaliatory measures
Almost a year ago, Xi Jinping’s state visit to France rekindled trade tensions between Paris and Beijing, particularly around cognac, targeted by a Chinese anti-dumping investigation in response to European measures on electric vehicles.
Although the threat of provisional customs duties had been averted, uncertainty remained over the outcome of this procedure, which is crucial for a sector already weakened by the economic slowdown.
At the same time, the cosmetics industry was facing tougher regulations in China, illustrating the persistent challenges faced by French fashion houses in this strategic market.
6. Donald Trump’s re-election and the resurgence of American imperialism
Donald Trump’s re-election was a major turning point, creating geopolitical and economic uncertainty that will impact the luxury market and international trade relations.
7. Vacheron Constantin’s watchmaking complication
Luxury watchmaking was marked by a technical feat from Vacheron Constantin, which unveiled a complication watch of unrivalled sophistication, consolidating its status as an innovator in the field.
8. The failed merger of Tapestry and Capri Holdings
The year was marked by a turning point for Tapestry, the American fashion group, which abandoned its planned acquisition of Capri Holdings, thus redefining its growth and acquisition strategies in the luxury sector.
9. Appointment of Matthieu Blazy at Chanel
The fashion world thrilled to the appointment of Matthieu Blazy at Chanel, a strategic choice that shook up haute couture circles and is already raising expectations for the luxury House.
10. Alessandro Michele’s inaugural Valentino show
Alessandro Michele presented his very first show for Valentino, marking a new era for the Italian House with bold collections and a critically acclaimed creative breath.
11. Age of reason for Jacquemus in search of investment in the USA
By opening its first physical flagship in Soho, French designer Jacquemus has taken a strategic turn in seeking to expand in the US market, strengthening its position in international luxury.
12. Olympic Games 2024: media success for LVMH
As the Paris 2024 Olympic Games approached, LVMH appeared to be the major beneficiary of the event thanks to its status as a premium partner, enabling it to maximize its visibility by dressing the athletes and designing the medals.
However, questions persisted as to the impact of the Games on the rest of the luxury sector, particularly high-end hotels and boutiques, which feared a drop in prestige tourism due to security and logistical constraints. Uncertainty remained as to whether Paris would be able to attract its usual clientele in the face of competition from other, more peaceful European destinations.
13. LVMH’s purchase of the l’Epée 1839
LVMH made a strategic move into luxury watchmaking by acquiring the Épée 1839 watchmaking house, consolidating its dominance in the time sector.
14. The creation of its 22 Montaigne production studio
LVMH took a new step forward with the launch of its “22 Montaigne” production studio, an ambitious project aimed at diversifying its investments in the entertainment industry.
15. L’Oréal and Chanel at the heart of the Olsen sisters’ business (The Row)
L’Oréal and the Wertheimer brothers, owners of Chanel, have entered the world of luxury by acquiring a significant stake in The Row, the Olsen sisters’ brand, marking a new era for the beauty giant in the luxury sector.
Between landmark events and economic uncertainties, 2024 will have been a decisive year for the luxury goods industry.
Read also > 2024 Olympic Games: FRENCH FRAUD REPRESENTATION TO STRENGTHEN HOTEL CONTROLS
Featured photos : © Luxus Plus
