Richemont and Burberry signal that luxury market is thriving

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

South Africa News News

Demand for jewellery, timepieces and fashion items is rebounding as vaccination rates worldwide rise

Richemont had its fastest holiday-season sales growth in at least a decade and Burberry forecast 35% earnings growth this year, signalling that the luxury-goods market is thriving again.

Demand for jewellery, timepieces and fashion items is rebounding as vaccination rates across the world increase and people socialise and travel more. Prada said on Tuesday its sales recovered to above levels seen before the coronavirus pandemic. Jewellery was Richemont’s best-performing unit, though fashion, accessories and leather goods have also been improving, a sign that turnaround efforts have been gaining traction at brands such as Chloe and Montblanc.

China was the first market to recover in the luxury-goods industry, so it is a bit of a calendar effect. However, recent lockdowns as the country pursues its zero-Covid-19 strategy are set to weigh on consumption. Akeroyd’s predecessor, Marco Gobbetti, sought to make Burberry more premium by reducing third-party distribution as well as discounts to sell its Olympia handbags and tartan scarves at full prices. Those sales continued to grow at double-digit percentage from two years ago.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

May God continue to bless ChristoperMabel never believe it going to workout because I have lost a lot in different places...I know one day they will face the judgment I really appreciate ChristoperMabel

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines