What is the future of luxury retail? Like with any global industry, it is complicated and will be largely influenced by technology.
According to Bank of America card data, credit card spending for luxury fashion is down 16 percent year-over-year, the product of a six-quarter-long decline. In October, one of the world’s top luxury retailers saw their stock drop to a 2023 low.
Counterfeiters are increasingly savvy, creating near-identical replicas of watches, handbags and other luxury goods.The first task should be to return to their roots, doubling down on the message, branding and one-of-a-kind experience buyers have when they invest in luxury items. It is vital to perpetuate the idealism of luxury goods and train consumers to know and appreciate the difference between real and fake products.
In other words, a handful of companies with lean product lines are vying for the attention of a limited number of purchasers. Perhaps more than almost any other industry, this makes operational efficiency and item level traceability an enormous priority. High-end fashion houses — including Gucci, Givenchy, Louis Vuitton, and Balenciaga — are making newsworthy strides through digital apparel launches, virtual fashion projects and placement in games like Roblox and Fortnite.
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