The fashion industry has had its fair share of ups and downs since the global recession of 2008, but for the luxury fashion sector, the ‘downs’ have been few and far between.
The mainstream market looked on with envy as profits in the luxury sector soared and huge, shiny flagships opened as quickly as those in the mid-market closed.
Luxury fashion seemed invinciåle, but then Burberry posted a profit warning in September. Warning bells began to ring as China – the darling of growth for luxury – saw growth in its economy slow. So what does this mean for the UK luxury market? We decided to find out by launching Drapers’ first in-depth report into the sector.
In September, we compiled a survey and asked businesses in the luxury fashion market – including boutiques, brands, etailers, department stores, multiples and agents – to tell us how they’re faring today and their expectations for the future. We analyse these findings across different business segments, from ecommerce and social media to tourism, international retailing and distribution and buying strategies.
Further in-depth analysis also comes from Guy Salter, deputy chairman of Walpole, the membership group for the British luxury industry, whose insights help to interpret our findings.
- Ana Santi, Deputy editor, Drapers