Gucci’s China shock reverberates across the luxury landscape
Published Mon, Mar 25, 2024 · 6:30 amFEARS of a slowdown among Chinese shoppers have dogged the luxury industry for the better part of a year. Last week the scale of the problem hit home for one of fashion’s biggest but most exposed brands, Gucci.
French group Kering saw US$9 billion wiped off its market value after warning that sales of the Italian label’s products in China have slumped this quarter. The slowdown is also starting to show up in other corners of the luxury industry.
A separate report showed Swiss watch exports to the country – a leading destination for high-end timepieces – tumbled last month. Analysts, meanwhile, are predicting China’s luxury demand will cool further this year.
