Valentino Chairman Gives Gloomy Outlook for Luxury Sector - Bloomberg
The luxury industry’s troubles are mounting, with US department stores struggling and China failing to live up to expectations as a growth motor in the post-pandemic world.
That’s dashing hopes of another resilient year for the sector, which in 2022 defied gloomy headlines to grow by as much as 20% in some locations, according to Rachid Mohamed Rachid, chairman of fashion house Valentino.
“We came into 2023 with a prediction that luxury will probably grow 10%,” Rachid said in an interview with Bloomberg TV. “We have seen very strong signs that it will be much worse.”
Bain in June estimated that the personal luxury goods market, which includes handbags and ready-to-wear, would grow between 5% to 12% this year, depending on the pace of the recovery in China, where severe lockdowns for much of last year hurt demand.
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