{"id":133717,"date":"2024-03-01T15:00:47","date_gmt":"2024-03-01T14:00:47","guid":{"rendered":"https:\/\/luxus-plus.com\/?p=133717"},"modified":"2024-10-08T21:17:42","modified_gmt":"2024-10-08T19:17:42","slug":"chronicle-the-end-of-2023-was-a-mixed-year-for-luxury-players","status":"publish","type":"post","link":"https:\/\/luxus-plus.com\/en\/chronicle-the-end-of-2023-was-a-mixed-year-for-luxury-players\/","title":{"rendered":"[CHRONICLE] The end of 2023 was a mixed year for luxury players"},"content":{"rendered":"

2023 was a landing year for the luxury goods market, but with strong disparities between major players in the final quarter of 2023.<\/h4>\n

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In France, luxury fashion is part of the country’s cultural imprint. With world-renowned names such as Louis Vuitton, Herm\u00e8s and Dior, these influential companies are renowned for the exceptional quality of their products and their expertise. A favorite of the French and Italians alike, the luxury goods industry is one of Europe’s leading sectors.<\/strong><\/p>\n

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While the companies that make up this market enjoyed buoyant years between 2020 and 2022, thanks to a cluster of positive factors, the market normalized in 2023<\/strong>. But a gap has opened up between certain major players.<\/p>\n

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When we compare sales trends in Q4 2023, the rankings have not really changed from Q3 2023<\/strong>. The companies as a whole have maintained a positive sales trend, with the exception of three players: Kering (-4%), Burberry (-4%) and Salvatore Ferragamo (-5%)<\/strong>, the latter two even experiencing a quarter-on-quarter deterioration in sales.<\/p>\n

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Burberry, Gucci and Ferragamo on hold<\/h2>\n

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For Burberry,<\/strong> the situation in the United States is particularly difficult, and the group is suffering from the slowdown in global demand.<\/strong> It has been trying to move upmarket<\/strong> since the arrival of designer Daniel Lee, who launched his first collection last September, but the effects are not yet visible.<\/strong><\/p>\n

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As for Salvatore Ferragamo<\/strong>, the Italian group is trying to shake off its ageing brand image<\/strong> by reaching out to a younger audience. That said, sales are down in all geographic zones<\/strong> (except Europe), with double-digit declines in Asia and the United States. Kering once again reported a decline in sales<\/strong>, albeit smaller than expected, with an improvement in North America and Western Europe. To return to the green, the Group is counting on the new Gucci collection<\/strong>, which will be launched in stores in the coming weeks<\/strong>, and on the expansion of the beauty market, where investments have been substantial in previous quarters.<\/p>\n

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Cucinelli, Herm\u00e8s and Hugo Boss in the firmament<\/h2>\n


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