Business of Luxury
Overall, the group’s half-year performance saw it achieved a 28 per cent growth amounting to €36.7 billion.
As luxury fashion faces the growing pressure of reducing the industry’s environmental impacts, sustainable tech start-ups are seeing a rise in interest from fashion conglomerates and brands alike.
While NFTs and Crypto prices have plummeted, this presents an opportunity to consolidate and reach greater heights in the future.
Leading cosmetic empire, Revlon, files for bankruptcy as the global supply chain crunch and increase in competition proved to be the tipping point for the debt-laden company.
Despite the potential of Asia as a major market for the conglomerate, LVMH is not putting all of its eggs in a single basket.
The phenomenon has of late become increasingly popular among the younger generation of spenders and luxury brands should start looking into it.