11 months ago
24
Last week, luxury’s slowdown continued. In response, some luxury brands may start turning to lower price points. Don’t forget to subscribe to the Glossy Podcast for interviews with fashion industry leaders and Week in Review episodes, and the Glossy Beauty Podcast for interviews from the beauty industry. –Danny Parisi, sr. fashion reporter
Luxury slowdown continues into 2024
In the latest iteration of the great luxury slowdown, Neiman Marcus reported that holiday sales at the end of 2023 were below expectations. On Wednesday, CEO Geoffroy van Raemdonck said in a statement that the luxury retailer’s holiday sales in 2023 were low-single-digit percentage points below the year before.
The season marked the first time Neiman Marcus’s holiday sales were lower than the year before since 2020. Following the height of the pandemic, luxury sales across the industry skyrocketed, particularly in 2022. But over the course of 2023, that trajectory reversed itself, leading to the slowdown that has hit every major luxury player, even LVMH.
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