Chanel creative director Karl Lagerfeld has said that fashion is often more interesting during difficult market conditions.
During an interview with BBC Radio 4’s Today programme, Lagerfeld said this was because designers usually took more risks during challenging times.
“In a bad moment change is the best thing that can happen,” said Lagerfeld.
He said China has become an important market at the US to the premium luxury label and said growing sales in China, Russia and Latin America were offsetting weakness in the West.
“America was the most important market, and is still an important market, but this crisis in the world for luxury is a little less dangerous because there is China… the Middle East, the Gulf and all that, and Russia,” said Lagerfeld.
During the interview he said it was important not to bring out special collections for new markets, adding they did not “want to be treated this way”.