2020 marked the first major dip in luxury market growth, with Kering Group seeing sales drop 16.5%. But, there is hope. In Bain & Company’s 2020 Worldwide Luxury Market Monitor, the firm estimates that the market will recover to near pre-COVID-19 levels sometime between 2022 and 2023. Traditionally reliant on in-store sales to drive growth, the pandemic has accelerated the importance of ecommerce with more luxury brands embracing digital as the go-to channel.
Joining us in our latest unEDITED: Inside Retail episode, Carlo Moltrasio, Senior Manager at Bain & Co., explains the findings in Bain’s research. An expert in luxury fashion with over seven years of experience supporting several notable luxury brands, Carlo provides data-backed insights into the market’s performance over the past year, as well as an overview of where it’s heading next.
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