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Luxury Market to Grow 4 Percent This Year

As consumer confidence waivers and economic and geopolitical tensions persist, luxury brands are reporting polarised performance, consultancy Bain said.
The personal luxury goods market is set to grow 4 percent in 2023, said Bain & Company.
The personal luxury goods market is set to grow 4 percent in 2023, said Bain & Company. (Getty Images)
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BoF PROFESSIONAL

The personal luxury goods market is set to reach €362 billion ($387 billion) by end of year, growing 4 percent at current exchange rates from 2022, consultancy Bain & Company said in a joint report with Italian trade group Altagamma. That’s at the low end of earlier estimates between

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Further Reading

Kering Lags Luxury Peers

Quarterly sales fell by 13 percent, with weakness at Saint Laurent and Balenciaga, as well as work-in-progress Gucci, as the group struggles to cope with slowing luxury demand.

About the author
Joan Kennedy
Joan Kennedy

Joan Kennedy is Correspondent at The Business of Fashion. She is based in New York and covers beauty and marketing.

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