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PwC predicts that china's luxury goods market will leap to the top of the global ranking by 2030.
PwC predicts that by 2030, China will become the world's largest individual luxury goods market with a market size of $148 billion. Intergenerational wealth transfer, new customer development, the rise of experiential luxury goods, hainan's high growth potential, and the improvement of online and offline services will all drive this growth.
Prada Family Has a Plan in Place to Avoid Succession Drama
Performance: Lifen Group's revenue in the last quarter fell by 1%, affected by china's sales situation.
Richemont, the group that holds the Cartier and IWC brands, reported a 1% decline in revenue to 4.81 billion euros in the second quarter, excluding exchange rate fluctuations, slightly higher than the market's expected 4.78 billion euros, due to poor sales performance in China. Sales in the Americas, Japan, and the Middle East increased significantly during the season, offsetting the 18% decrease in sales in the Asia-Pacific region. Chairman Johann Rupert stated that despite the uncertain environment, caution must still be maintained, but he is confident in the current and future periods. The group will continue to invest in production and marketing. In the first half of the fiscal year, Richmont's profits plummeted by 70%.
Bvlgari CEO: The luxury goods market in China is expected to recover within two years.
Bvlgari CEO Jean-Christophe Babin stated that with the rebound of the Chinese economy, the Chinese luxury goods market may recover within the next 24 months.
Bulgari CEO: China's luxury goods market may recover within 24 months.
Jean-Christophe Babin, CEO of the luxury brand Bulgari, stated that with the recovery of the economy in China, the domestic luxury goods market may recover in the next 24 months. He mentioned that this year in China, there is a more noticeable downturn in physical stores compared to online channels, as online channels can reach more customers, including consumers from smaller cities. Bulgari earlier this year stated that they will focus on the traditionally stable women's watch market. Additionally, the company has the ability to produce most components in-house, allowing them to adjust production and navigate through the decrease in demand.
Lyon: Maintains prada (01913) 'outperform' rating with target price raised to 68 Hong Kong dollars.
Lyon expects prada's average annual compound growth rates for sales and profits from 2024 to 2026 to be 7% and 10%, respectively.
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