Business of Luxury: Multi-Brands

While the luxury industry has not been as hard hit as most enterprises, the crisis has had it’s impact. Some luxury goods manufactures have spotted the opportunity to slug it out by not reducing their skilled labor force but freezing hiring in most other areas. Luxury buyers in Russia and Eastern Europe have been the hardest to drive to the stores, yet declines in most segments have only been in the order of 10-15% in the region. According to CPP Management Consultants, the period February-May showed the decreases in key areas being as low as 5%. Asia has held steady. In fact, analysts believe most of the growth ahead will come from the BRIC countries (Brazil, Russia, India and China). According to Bain and Co. Brazil and China will be the two fastest growing markets through 2010. Read more >>