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Is luxury okay? Industry-wide reports of stalling growth are multiplying, the latest being Kering’s announcement of an 11% sales dip. While the luxury machine’s slowdown is cause for concern, new data revealed that LVMH’s global sales of handbags and perfumes surpassed those of French wine in 2023.
At the Walpole British Luxury Summit earlier this week, Walpole CEO Helen Brocklebank kicked off the day by emphasising optimism for the industry. Not only does the sector matter in terms of economic weight – accounting for about 4% of the UK’s GDP – it currently supports 454,000 jobs across the country. Moreover, one in 10 new jobs created in the UK is in luxury, according to Walpole. ‘For global customers hungry for British craftsmanship and excellence, luxury matters,’ said Brocklebank. ‘We cannot be complacent about that as a sector.’
Become an LS:N Global member now to access our upcoming analysis of the Walpole British Luxury Summit 2024 report and learn more about what’s next for the luxury industry.
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