Daily LInks
1. Global Luxury Sales Expected to Decline by 2% in 2024. Bain & Company reports that global luxury sales are projected to decrease by 2% in 2024, marking one of the industry’s weakest years on record. This downturn is attributed to price hikes and economic uncertainties affecting consumer spending. – Read More on Reuters
2. Fashion Industry Concerns Over Potential High Tariffs Under Trump Administration. The fashion industry expresses apprehension regarding the possibility of increased tariffs on imported goods under the Trump administration, which could lead to higher costs for consumers and disrupt global supply chains. – Read More on The New York Times
3. Former Spy Chief Hired by LVMH Faces Corruption Trial. A former intelligence chief employed by LVMH is on trial for alleged corruption, raising questions about the luxury conglomerate’s hiring practices and internal controls. – Read More on Bloomberg Law
4. Major Fashion Brands, Including Kering and LVMH, Absent from U.N. Climate Talks. Leading fashion brands such as Kering and LVMH are notably absent from the U.N.’s COP29 climate talks, prompting discussions about the industry’s commitment to sustainability and environmental responsibility. – Read More on WWD
5. Amazon Launches ‘Haul’ to Compete with Temu and Shein. Amazon introduces ‘Haul,’ a new low-cost e-commerce service offering products priced at $20 or less, aiming to compete with fast-fashion retailers Temu and Shein in the budget-conscious consumer market. – Read More on Quartz
