Do we need a luxury slowdown?
Article written by: Vogue Business
Do we need a luxury slowdown?
Luxury hashtagfashion’s slowdown may be a shock to the stock market, but there is an upside. A slowdown is exactly what hashtagsustainability experts say the planet needs from fashion.
Recently, Kering reported a 50% drop in net profits in the first half of 2024 and LVMH’s fashion and leather goods were up 1% in the second quarter, short of consensus expectations, while the division’s operating profit was down 6% in the first half, among a long string of other mixed results across the industry.
It all underscores what experts say should have been obvious: unfettered growth can’t last forever. For hashtagsustainability experts, the takeaway is that fashion’s success remains entirely dependent on hashtagselling new products.
The business model has failed to pivot not only in how brands drive growth but also in how they embed sustainability into their operations.
Here, Rachel Cernansky explores how luxury’s first-half earnings reveal an industry too reliant on sales volume: https://lnkd.in/e6F96Tkp
