Retailers, consumers and prices
Chief executives from Burberry Group, Hermes, Tiffany, Rolls-Royce and Richmont’s Van Cleef & Arpels are among the many officials who will speak this week at Reuters’ first-ever Global Luxury Summit about what their sector is facing amid a recession that has even well-heeled consumers dialing back spending.
In a new report, Bain & Co predicts sales of luxury goods are expected to drop 10 percent this year and not recover fully until 2012.
“Austerity is fashionable, even for the wealthiest consumers,” Bain partner Claudia D’Arpizio said.
Van Cleef & Arpels CEO Stanislas de Quercize said the French jeweler does not expect sales to rise this year even though it will open eight boutiques and Hermes CEO Patrick Thomas sees the luxury sector suffering for the next two years.