The luxury goods industry has faced a number of changes over the past two decades. Currently, varying economic trends, rapid digital transformation and evolving consumer preferences and tastes are creating a new competitive landscape where traditional corporate strategies are under threat.
Whether total global market growth is in single or double digits will depend on many factors, including larger geopolitical factors and their impact on tourism. Even so, growth in the luxury goods industry will continue, unlike in several other industries. However, to return to a steady and solid rate of sales growth, luxury players have to face up to new challenges and deal with them in a decisive way…
