The fashion industry is undergoing a crisis as inflation lessens the discretionary income that can be spent. While the whole world is experiencing a great recession, luxury fashion seems to be doing just the same. In fact, its sales are growing at an impressive rate. Chanel’s sales, for instance, are at $15 billion, marking a historic peak in the year 2021. Bain & Co.’s research showed that luxury fashion brands recovered from the temporary setback they received during COVID-19 with sales of almost 301 billion dollars. Though various global factors, such as the Russia-Ukraine war and China’s expected COVID-19 lockdown, have the potential to affect luxury sales in Europe. Nonetheless, it seems that the luxury fashion industry will re-emerge from the usual business-related ups and downs.
Read More from FashionUnited
