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Global Luxury Market Reshuffle

2009/1/12 11:38:00 44

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"The shorter the skirt, the better the economy, and the longer the skirt is, the worse the economy will be."

This fashion's "skirt theory".

At present, due to the impact of the global financial crisis, the luxury economy, which once played a role in the economy of all countries, seems to be overshadowed.

Luxury has entered the "ice age". Luxury and mysterious public image is only a mirage, not a golden helmet.

Like all commodities, lack of popularity and purchasing power will cause enterprises to get into trouble, forcing enterprises to reshuffle their cards according to market positioning. Some brands may be heavily promoted to a higher position, others will be retreated to the second tier or forced downgrades, and collectivization is also an irreversible trend in the industry.

　　全球奢侈品產業并購潮起

France's LVMH group, the world's largest luxury goods company, announced at the end of 2008 that the group had signed a contract with the Pearson publishing group to buy the echo newspaper group.

LVMH said the acquisition will be completed in early 2009.

LVMH is the world's largest luxury group, with many well-known brands such as Louis Weedon, Dior, Hennessy and so on. Its business involves manufacturing, retail, media and many other fields.

The financial crisis in Iceland has affected the Baugur group. The Iceland conglomerate, J n n sgeir J hannesson, owns a British retailer House of Fraser, brand Oasis, Karen Karen and so on, as well as the personal brand of the former creative director.

After falling into financial crisis, he had to find buyers.

The golf brand Ashworth was bought by Adidas for $72 million 800 thousand and took over $46 million 300 thousand in debt.

At present, Ashworth is represented by Hong Kong listed companies YGM in China, with ten shops.

Adidas will further expand the product line of its other golf brand TaylorMade after the acquisition.

Kim Winser, President of YAGE (Aquascutum), will be working with management for MBO (management buyout) in recent years. The current parent company Renown has YAGE Dan since 1991, although the group has 62 brands, but only this global brand, the company's performance has been declining in recent years. Selling YAGE poetry and closing 15 loss brands will be the beginning of adjustment.

　　中國成奢侈品牌避風港灣

Of course, there is no sadness. The sales of high-end luxury goods in China are still rising.

From the bustling business circle of shinguang Tiandi mall, which is located in the CBD core area of Beijing, the large posters of Logo and Prada of Versace and Ports are shining brightly by the flagship shop of Gucci flagship store.

Those who have been "unattainable" are constantly pouring into the streets of Beijing.

From July 2008 to September, three luxury stores in Beijing were put into trial operation. They were the Yintai Yue life in China World Trade Center area, the department store in the great hope road area and the Lotte Yintai Center in the Wangfujing area. Wangfujing also gathered a large number of shops to open for business, half of which were rushing to the luxury brand store. Cartire and Hermes in Beijing opened one after another.

They think Beijing has become a luxury land of advantages and disadvantages.

At the end of 2008, Richmont group's premium watch brand Vacheron Constantin and menswear brand Dunhill paid a lot of money to open the brand house in Shanghai for two years. This is a super flagship store combining display, sales and leisure functions.

"China may become a safe haven for international brands in the financial turmoil."

Wei Guangwen, chairman of the first chain company specializing in the eight tone clocks of high-grade machinery in China, commented on this.

Against the backdrop of the global financial crisis, although the industry has reservations about the continuous launch of luxury brand new stores in Beijing, statistics from all sides show that luxury consumption is good: the annual consumption of luxury goods in China is as high as 2 billion dollars.

China has become the third largest consumer of luxury goods after the US and Japan.

Although the pace is slowing down, Beijing's spending power has contributed to the positive growth of the turnover of luxury goods groups.

　　奢侈品市場2009年欲萎縮

A recent survey by Bain company shows that even the wealthiest consumers are cutting spending in the face of the global financial crisis.

This may cause the global luxury retail market to shrink in 2009.

Bain was commissioned by the Italy luxury goods association to conduct the survey.

The results show that global luxury sales will drop sharply, with the growth rate of 3% in 2008 and sales of 175 billion euros (about 220 billion US dollars).

The growth rate is much lower than that of 9% in 2006 and 6.5% in 2007.

The report says the luxury market will face the first recession in 2009 in 6 years.

According to the stable exchange rate, total sales will drop by 7%.

The "mature market" in Europe and the United States still accounts for nearly 80% of global luxury sales, but this proportion is also shrinking.

Claudia de Alpizzio, a partner of Bain in Milan, Italy, said: "the financial crisis will lead to some areas in recession.

How much and how long it will depend will depend partly on how the company should respond.

The most tenacious of life will be those with strong international and diversified brands.