The reason for such optimism? Luxury brands should brace for a decline in sales between $85 and $120 billion in 2020, or around 29.2 per cent of the $350 billion luxury market. The fall in luxury sales is … In 2019, a record 271 M&A was completed, six additional transactions compared to the previous year, a 2% increase.However, it should be noted that 2018 was […] The total global luxury goods market had been forecast to grow by around 3% in 2020, but with the ongoing disruption caused by COVID-19, Euromonitor International now forecasted a decline of 18%. With the global luxury market reportedly reaching €920 billion ($1 trillion) in 2018, it’s set to top €1.3 trillion ($1.5 trillion) by 2025, with experiential luxury (dining, hotels, cruises, resorts, wine and spirits, furniture, lighting, cars, boats, smartphones and technology) growing faster at 5% than personal luxury goods … In the 2020 to 2025 period Deloitte expects sales of personal luxury goods will post a compound annual growth rate of between 5 and 6 percent. Despite its crucial importance for the luxury sector (Deloitte, 2019), and with some early exceptions (Atwal & Williams, 2009), research exploring the luxury experience is sparse (Klaus, 2020). The Global Powers of Luxury 2019 report analyses the performance of the luxury goods sector by product sector and by geography. A month after it published its initial forecast on the impact of the Covid-19 pandemic on luxury sales, consulting firm Boston Consulting Group is revising its estimates for a more negative outlook. In 2018, Richemont and Farfetch acquired the resale platforms Watchfinder and Stadium Goods, respectively. 76 percent of the 100 companies reported growth in their sales, with nearly half of them recording a double-digit year-on-year growth. Data source: Deloitte Global Powers of Luxury Goods 2020 The share of industry revenue held by the world's biggest luxury companies has become larger than ever, according to a new report by Deloitte that analyses industry finances from before the Covid-19 pandemic. In 2019, Deloitte had an optimistic outlook on the luxury goods market despite the slowdown in the economic growth of major markets, including China and Europe. Luxury goods already facing headwinds pre-COVID In this study, we investigated sustainability reporting practices adopted by the ‘Global Power of Luxury Goods 2019’, which are the top 100 companies operating in the luxury sector listed by Deloitte. The 2020 global pandemic looks in some ways to have changed the luxury-goods industry for the better, with the importance of adopting sustainable initiatives one of the key takeaways from a recent report by Deloitte. The report highlighted how the pandemic is acting as a divider between the old and new … The report, titled Global Powers of Luxury Goods, covers the fiscal year 2017. Kering and Luxottica switched places, with the French conglomerate moving up to the fourth position while the Italian eyewear giant fell to the fifth. Jewelry groups continue to represent China in the top-100 list For the first time, the top-10 luxury companies contributed more than half of the top 100’s total luxury sales over the 2019 fiscal year, according to Deloitte. 76% of the world's top 100 luxury goods companies reported growth in their luxury sales, with nearly half of these recording double-digit year-on-year growth. The global luxury goods market is expected to increase from US$285.1 billion in 2020 to US$388 billion in 2025, at a CAGR of 6.4%. Social Media has empowered consumers in all industries, including in the luxury goods industry; because of the feeling that they can secure the support of many other people in regard to their rights, as consumers, customers in the luxury brand industry have become more powerful to influence the industry’s strategies (Deloitte 2014) – H Deloitte’s report predicts a positive future for the luxury goods sector, despite the recent slowdown of economic growth in markets like China, Europe and the United States. Assessing the market in 2020, the authors said that the core personal luxury goods market contracted for the first time since 2009, falling by -23% at current exchange rates to hit €217 billion due to the COVID-19 crisis. MILAN — Tradition and responsiveness are two aspects that have always characterized luxury companies and they will be further required to overcome the challenges in the post-COVID-19 landscape, according to the 2020 edition of “Global Powers of Luxury Goods” study compiled by Deloitte. In fact, the luxury market grew by 4% in 2019, which was largely driven by Asian buyers. LVMH came first on Deloitte’s annual list of the world’s largest luxury goods companies once again, followed by Estée Lauder and Richemont. The luxury industry remains more attractive than ever for investors, as confirmed by Deloitte’s fifth edition of the report “Global Fashion & Luxury Private Equity and Investors Survey 2020”.
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