Global luxury market: Experiential luxury makes up almost 55 percent of total luxury spending worldwide Experiences make luxury shoppers around the globe feel pampered. Experiences are in great demand. Yearly sales of deluxe experiences — from art auctions to spas to safaris — are growing 50 Percent faster than sales of high-end goods, says new report from The … Read more
Top U.S. luxury retailer enters Asian e-commerce market in partnership with Glamour Sales Holding (HK) Top U.S. Luxury Retailer Neiman Marcus Group announced a non-controlling strategic investment in Glamour Sales Holding (HK), a privately held e-commerce company. This will be the company’s first move into the fast-growing luxury retail market in China. “We are taking … Read more
Hermes luxury handbags and silk scarves were sold in 2011 like hotcakes. Hermes reported a record year in 2011 with a 40.9-percent rise in net profit which helped push up its shares 3.01 percent in early trading, informs AFP. Hermes reported record sales, and a net result of 594.3 million euros ($787 million). The luxury … Read more
Indonesia to be largest luxury market in SE Asia: LVMH Indonesia will become the largest luxury market in southeast Asia over the next few years, Ravi Thakran, LVMH`s head for South Asia, South East Asia and Middle East told CNBC. According to Thakran, Indonesian consumers currently buy their luxury goods mostly from Hong Kong and … Read more
Tom Ford opens women’s store in luxury-loving Russia Fashion designer Tom Ford has opened his first women’s clothes store in Moscow, giving a confidence boost to Russia’s reviving luxury goods market. The 50-year-old Ford said he was not phased by the prospects of another economic recession in Russia, which previously ranked as the fourth-largest buyer … Read more
The tapestry of the ultra-luxury market is currently being woven with two seemingly contrasting, yet deeply synergistic, threads: the unwavering commitment to family heritage and timeless excellence, and a daring, often irreverent embrace of hyper-contemporary pop culture and technological frontiers. The latest wave of announcements confirms that the most sophisticated consumers are no longer choosing … Read more