2023-10-29 21:48:14
Philippe Crevel: Director of the Cercle de l’Epargne Published on October 29, 2023 at 10:48 p.m. Modified on October 29, 2023 at 10:48 p.m.
After years of excitement, Hermès, Kering and other Richemonts are seeing their activity calm down. Little economic break? More marked slowdown? Le Temps offers you a report devoted to luxury and the financial and economic challenges that this sector, dominated by European players, faces.
In the luxury boutiques on the most beautiful avenues of the major capitals of the planet, celebrities, billionaires and tourists meet. T-shirts or sunglasses branded Dolce Gabbana or Chanel acquired for a few tens or hundreds of euros are worn by young people from all walks of life when, at the same time, Hermès and LVMH sell bags whose price exceeds tens thousands of euros.
LVMH’s market capitalization increased from $200 billion to more than $450 billion in three years. The owner of this group, Bernard Arnault, is on the podium of the world’s greatest fortunes. The sector is dominated by European companies, mainly French, Italian and Swiss. The top nine French luxury companies alone account for nearly 30% of global sales.
Le Temps publishes columns, written by members of the editorial staff or external people, as well as opinions and columns, proposed to personalities or requested by them. These texts reflect the point of view of their authors. They in no way represent the position of the media.
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