LVMH, the world’s main luxury conglomerate, missed sales

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The democratisation of knowledge and consumer energy by way of social media has played a huge part on this. Platforms like TikTok and Reddit are full of conversations that challenge the industry's worth proposition fake bags, which has made it a lot tougher for luxurious manufacturers to control their narrative. Recent gross sales figures underline simply how far demand for luxurious mega-brands has fallen from its post-pandemic highs. In July, some of the industry’s largest gamers reported disappointing revenues for the second consecutive quarter. LVMH, the world’s main luxury conglomerate, missed sales estimates, whereas Gucci’s father or mother firm Kering, skilled a decline of 11%. Other main manufacturers like Richemont and Burberry also reported disappointing figures, with first-quarter gross sales plummeting by a staggering 20%.

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