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The future of luxury: Will Covid-19 change fashion forever?
If luxury-goods companies are to survive, they must take swift action to shape their digital future, writes Ashley McDonnell
Luxury fashion and beauty brands have rushed to accelerate their digital roadmaps since the beginning of the pandemic. According to Bain & Company, who have been tracking the personal luxury goods market for 25 years, the industry imploded in 2020. The luxury industry’s loss exceeded those of the recession two-fold – losing €64 billion in sales throughout the year, representing a 23% decline compared to 2019. Luxury brands have long been “low tech” in their...