The pandemic has forced luxury goods companies to use social media, video and virtual showrooms to woo their wealthy customers in Europe when tourists, especially from China, have been absent for more than a year.
The fashion subscription service has announced that Lake will be transitioning from her role as CEO to that of executive chairperson of the board. She will be succeeded at the helm of the business by Elizabeth Spaulding.
Bain & Company has teamed up with Positive Luxury to offer a vision of sustainable luxury for 2030, highlighting five key areas of focus for brands hoping to implement sustainability strategies over the next 10 years.
This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.
Luxury puffer jacket maker Moncler is betting heavily on younger consumers and the Chinese market to help sales bounce back from the coronavirus crisis, its boss said, seeing scope for a recovery in late 2021.
Since the pandemic’s outbreak, luxury sales in China have boomed, accounting for up to 80% of the global market in 2020. A position that will stay dominant for years to come, according to Jefferies and Bain & Company.