The Decline Of The Luxury Goods Industry.

            

Since the beginning of the global difficulties we have all been experiencing, due mostly to the pandemic, but also to a number of other troubles that have beset 2020, we have put out a few stories on the decline in luxury goods consumption.  

Some stories had goods news, such as the fact that Hermes predictably was the least affected, in others the depth that different brands have been troubled has been discussed, and some have specifically commented on closures and cancellations.  

We thought we would now set out the precise effect in percentage terms of some of the top brands, and controlling groups, you and we know of that have been affected, along with proposed action they will be taking.

Burberry : 27% drop in sales : Dividends will be witheld

Nike : 38% drop in sales : Plans to open 200 more stores 

Ferrari : 60% drop in sales : No action planned

Adidas : 8% drop in sales : Certain stores will remain closed

Ralph Lauren : 60% drop in sales : "will work harder"

LVMH : 17% drop in sales : No action planned

Urban Outfitters : 60% drop in sales : No action announced

Hermes : 8% drop in sales :No action planned

Gucci : 44% drop in sales : Brand wide store closures

Richemont : 47% drop in sales : "aggressive proposals to be made"

L'Oreal : 5% drop in sales : No action planned

That's sufficient to give an overall picture of the grim reality of the luxury goods sector from automotive to cosmetics really.  But if this makes you feel sad, spare a thought for theatres, they have experienced a 92% reduction in sales.