Luxury Brands Leverage on Southeast Asia to Defy Slowdown
LUXUO explains why the success of Prada's Miu Miu and OTB alongside the expansion of Louis Vuitton in Southeast Asia marks the region as luxury's biggest target.
The post Luxury Brands Leverage on Southeast Asia to Defy Slowdown appeared first on LUXUO.
The fashion industry has seen better economic days. Rising inflation, challenging macroeconomic conditions and shifting consumer behaviours are leading to slowing sales and uneven performance. While luxury giant Kering saw a modest decline in sales in 2023, particularly within Europe (with revenue at Gucci falling 4 percent in the fourth quarter), luxury brands are now turning to Southeast Asia after noticing a burgeoning market and a growing economy within the region.
Read More: LVMH Revenues Soared in 2023 Despite Economic Challenges
The Numbers Don’t Lie
Prada saw its 2023 net revenue rise by 17 percent, driven by growth in Asia and the “outstanding performance” of its Miu Miu brand, totaling to approximately USD 6.86 billion. January and February 2024 have seen Prada continue on a similar upward trajectory. The group’s growth came primarily from the Asia-Pacific region that saw an increase of 24 percent. Europe grew at 14 percent after slowing down in the second half while sales in the Americas “were flat”. While most revenue came from the APAC (Asia-Pacific) region, Southeast Asia is not far behind. According to global real estate services firm Cushman and Wakefield?s So...
The post Luxury Brands Leverage on Southeast Asia to Defy Slowdown appeared first on LUXUO.
The fashion industry has seen better economic days. Rising inflation, challenging macroeconomic conditions and shifting consumer behaviours are leading to slowing sales and uneven performance. While luxury giant Kering saw a modest decline in sales in 2023, particularly within Europe (with revenue at Gucci falling 4 percent in the fourth quarter), luxury brands are now turning to Southeast Asia after noticing a burgeoning market and a growing economy within the region.
Read More: LVMH Revenues Soared in 2023 Despite Economic Challenges
The Numbers Don’t Lie
Prada saw its 2023 net revenue rise by 17 percent, driven by growth in Asia and the “outstanding performance” of its Miu Miu brand, totaling to approximately USD 6.86 billion. January and February 2024 have seen Prada continue on a similar upward trajectory. The group’s growth came primarily from the Asia-Pacific region that saw an increase of 24 percent. Europe grew at 14 percent after slowing down in the second half while sales in the Americas “were flat”. While most revenue came from the APAC (Asia-Pacific) region, Southeast Asia is not far behind. According to global real estate services firm Cushman and Wakefield?s So...
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