2024 is coming to an end and it’s time to take stock. After a year marked by numerous economic and geopolitical unforeseen events, what was the impact on the world of luxury? A look back at the main results of some luxury groups, which have had to cope with fluctuations in sector performance this year.
New challenges
In 2024, the luxury sector experienced a slowdown after several years of strong growth. Despite sustained demand in certain regions, brands have had to face more than ever the various issues of our time: geopolitical tensions, ecological transition or even economic uncertainties.
The industry is thus faced with a delicate balance: continuing to grow while meeting rising expectations in terms of price and sustainability. The major Houses have had to rethink their strategy: between innovation, respect for heritage and the implementation of ethical practices, adaptation to these new challenges has undermined the domination of certain large groups in the sector.
Luxury has also been impacted by China’s economic recovery slower than expecteda key market. Indeed, the consequences of the COVID-19 pandemic and persistent travel restrictions have somewhat changed purchasing behavior and weakened investors.
Read also > Hermès achieves double-digit growth in the first quarter of 2024
Featured photos: © Getty Images
Swiss
Related News :