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LVMH's empty Chinese megastore signals deepening luxury crash
Luxury brands are going through unprecedented times, particularly with shifting dynamics in China, a core market for European luxury houses. This evolution in the market highlights the need for strategic adaptation to capture new growth opportunities. Jonathan Siboni, CEO of Luxurynsight, underscores this transition: “Luxury goods in China are being deprioritized, especially for middle-income earners.” He added that according to Luxurynsight database, a quarter of Chinese consumers find western luxury brands less appealing than 12 months ago. In response, key luxury players like LVMH and Kering have seen significant impacts, with Kering reporting a 9% decrease in sales in China. Analysts point to Chinese consumers’ reduced interest in high-end brands, shifting spending priorities, and the economic headwinds as drivers of this trend. Read the full article on Bloomberg. Special thanks to Bloomberg for the feature!
LVMH’s recent push into Formula 1 and football signals a transformative shift, with the luxury giant focusing on creating immersive, emotional experiences. This marks a new phase for the brand as it moves beyond traditional luxury products into the realm of entertainment and sports. Jonathan Siboni, CEO of Luxurynsight, points to the visionary nature of this move: "They're (LVMH) anticipating where the focus of the world is going. And you can't do that just as a sponsor with a logo, you want to be a part of the game to really win the game." As LVMH anticipates the future of luxury, its focus on experiential marketing will continue to boost growth and position the brand as a leader in the evolving luxury landscape. Read the full article on The Telegraph. A special thanks to journalist Henry Samuel for the feature!
Report: Luxury Summer 2024 Pop-up Store Activations
Luxurynsight is delighted to unveil the latest report, powered by LY Retail, highlighting the dynamics of global luxury pop-up openings of H1 & Summer 2024. The report provides a regional focus on key locations, and explores major pop-up thematics with iconic brand case studies. Get the comprehensive overview of this activation format & optimize your retail strategies for the next season! Luxury retail is experiencing a dynamic shift, with pop-up stores taking central stage in global markets. Covering data of the top 25 luxury players from January to August 2024, this report examines key retail activations in key markets, including Europe, North America, APAC, and the Middle East. Discover how luxury brands seamlessly integrated with prestigious hotels, beach clubs, and resorts, crafting exclusive vacation settings that embody brand prestige. Download your free copy now!
LVMH’s strategic shift into sports sponsorship highlights a forward-thinking approach to attracting new generations of luxury consumers. As the luxury conglomerate navigates challenges like the economic slowdown in China, it’s clear that the future lies in more than just high-end products—it’s about immersive, emotional experiences. Jonathan Siboni, CEO of Luxurynsight, captures this transition perfectly: “LVMH is preparing for its next generation of growth, focusing on experiences over products. By sponsoring global sporting events like the Olympics and Formula 1, LVMH is positioning itself as a major player in the entertainment industry, anticipating global trends." As the luxury market adapts to evolving consumer behaviors, LVMH's focus on experiential luxury will continue driving growth, even amidst global challenges. Read the full article on The Times. A special thanks to journalist Rupert Neale for the mention!
Exciting New Addition to the Team: Welcome Clara Lecerf!
We’re thrilled to announce that Clara Lecerf has joined Luxurynsight as our new Senior Research Officer! Clara brings with her over a decade of expertise in product development, more than 8 years of marketing consultancy, and extensive teaching experience at the university level. A graduate of the prestigious ESCP Business School, Clara has worked with iconic brands like LVMH, YSL Beauty, and Creed, honing her skills in research, marketing, and product development across the luxury industry. But that’s just the beginning—let’s hear more about her journey and vision in her own words! 1. What’s your background? With nearly two decades of experience in the luxury and beauty industries, I have worked with global powerhouses such as LVMH, YSL Beauty, and Creed, as well as niche brands, in various marketing roles—both in-house and outsourced. In parallel, I have been teaching for over ten years in France and the UAE, sharing insights from the industry with future professionals. Currently, I am pursuing a PhD focused on luxury brands, further deepening my academic and professional engagement within the sector. 2. What do you do at LY? I have joined the research team to pursue my research project on luxury brands, aiming to bridge the gap between academic insights and Luxurynsight’s extensive industry resources. My role is to foster connections that merge academic research with practical, real-world applications in the luxury market. 3. What made you want to join LY? With two decades of experience in both corporate and academic settings, I am passionate about creating synergies between these two worlds. As my research deepens, it’s important to me that it remains relevant to industry leaders and rooted in real-world applications. The partnership with LY offers an exceptional platform to achieve this, allowing my work to directly impact the luxury sector. 4. How does your work make our clients’ lives easier? My research centers on the longevity of luxury brands—an essential focus for managers navigating today’s increasingly complex and unpredictable market. By blending academic insights on luxury brand strategy and consumer behavior with Luxurynsight’s data-driven capabilities, we offer clients a fresh, well-rounded perspective on their most pressing challenges. This approach equips them with precise, actionable insights that support innovative and impactful decision-making. 5. Can you share a fun fact about yourself? I spent ten years living in the Middle East, captivated by the region’s rich multicultural heritage. The vast, untamed landscapes sparked my love for exploring off-the-beaten-path destinations and discovering unique ways of life. It’s given me a passion for adventure and learning from diverse cultures.
Luxurynsight's Grow China Breakfast: Key Insights for European Brands Venturing into China
On October 8th, Luxurynsight, in partnership with KungFuData and Douyin E-commerce Global, hosted an exclusive "Grow China Breakfast" at the Hôtel des Arts et Métiers in Paris. This invite-only event brought together leaders of European brands looking to explore the vast opportunities within the Chinese market. Featuring insights from Josh Gardner, CEO of Kung Fu Data, and Demi Shi, Head of Partnerships at Douyin E-commerce Global, the event packed three dynamic sessions focused on: Navigating China's Market Post-2025 Intelligence for innovative execution Best brand practices Key Takeaways: The luxury landscape in China is shifting post-COVID, with consumers seeking more uniqueness and personalization. There is a growing trend of niche brands entering China, providing greater opportunities for smaller brands and independent designers. Despite market challenges, China is experiencing a rebirth. "Go now—thrive later" captures the sentiment of seizing opportunities during this transformative period. Body positivity is gaining momentum, but the "skinny aesthetic" still holds sway, shaping consumer preferences. Align your brand’s singularity with rising trends in China to resonate with the evolving consumer mindset. Use content as a key communication tool with Chinese consumers, delivering a statement of identity that mirrors their desired lifestyle. The event concluded with a productive networking breakfast session, fostering connections among attendees. A big thank you to all who participated in this insightful morning! Stay tuned for more opportunities to explore China’s luxury market.
Key Takeaways from Our CEO, Jonathan Siboni, at the Journal du Luxe Webinar: Contrary to global reports, China’s luxury sales remain robust, staying close to the record levels seen in 2021. Emerging Market Trends: > Cashback Initiatives in Malls: To lure luxury shoppers, some malls are offering cashback rewards on high-end purchases. For example, a mall in Wuhan gives 10-15% cashback on loyalty cards for Louis Vuitton buys, generating significant customer interest and boosting foot traffic. > Cross-Border Shopping Apps: Platforms like Dewu (the new-gen Daigo) are empowering Chinese consumers to shop luxury brands abroad. According to Bloomberg, Dewu drove 14% of Louis Vuitton’s sales in China, with $300 million spent in the first half of this year alone. While these sales are recorded in other regions, the primary buyers remain Chinese. > Resurgence of International Travel: Chinese travelers are once again venturing abroad, with Japan becoming a favorite luxury destination thanks to a weakened yen. These trends showcase the evolving luxury landscape in China post-COVID. A big thank you to Eric Briones for hosting us! Watch the replay below! Disclaimer: the webinar is available in French language only.
Ba&Sh’s Path to B Corp Certification and International Growth - Insights with Pierre-Arnaud Grenade
In the latest Luxurynsight x Fashion Network podcast, Pierre-Arnaud Grenade, the Global CEO of Ba&Sh, sits down with Olivier Guyot, editor-in-chief of Fashion Network, to discuss the brand’s remarkable journey towards sustainability, marked by its B Corp certification, and its strategies for international expansion.
Chinese malls fight for local spending with 'Shock Therapy' vouchers
Our CEO, Jonathan Siboni, was recently featured in WWD’s latest article! Here are some key takeaways: - Luxury malls in China are turning to deep discounting strategies to boost short-term sales, though this could risk brand dilution and discourage full-price purchases. - As competition heats up, particularly from new market entrants, malls face growing pressure to innovate in the face of declining sales and potential rent reductions. - The rise of the secondhand market and cross-border price competition highlight the increasing price sensitivity among Chinese consumers, pushing brands to rethink their strategies to stay competitive. Read the full article on WWD. A special thanks to journalist Denni Hu for the mention!
Chinese consumers are increasingly turning to Japan for luxury goods due to substantial savings on items such as Chanel, Louis Vuitton, Miu Miu, and Van Cleef & Arpels. Through tax refunds and favorable currency exchange rates, shoppers can save up to 25%, making Japan an attractive destination for luxury purchases compared to Mainland China. Specific examples include a Chanel Classic Flap costing 10,640 renminbi ($1,472) less in Japan, and a Van Cleef & Arpels Alhambra bracelet being 10,303 renminbi ($1,426) cheaper. Thank you, Edward Helmore and The Guardian for featuring Luxurynsight's CEO in the article!
As the #Paris2024Olympics approach, luxury brands in Paris are gearing up for an influx of global visitors. Our Luxurynsight Brandwatch data indicates a 20% increase in luxury retail activity in France anticipated for early 2024.
Inside Ladurée: Paris Olympics 2024 and Global Expansion Strategies - Insights with Mélanie Carron
In the latest Luxurynsight x Fashion Network podcast, Mélanie Carron, the Managing Director of Ladurée, sits down with Olivier Guyot, the editor-in-chief of Fashion Network, to discuss the iconic patisserie maison’s strategies for showcasing their expertise at the Paris Olympics 2024 and expanding their global footprint.
