The luxury industry is looking to the buoyant US market to spur growth in 2025 after a testing year for the sector, which is still grappling with the retrenchment of Chinese shoppers.
Last week, Richemont, owner of elite jeweller Cartier, beat expectations for its most recent quarter, spurring optimism and sending shares higher. This helped industry leader LVMH reclaim its crown on Friday as Europe’s most valuable company.
As LVMH and others prepare to report annual results starting next week, Gemma D’Auria, a senior partner at consultancy McKinsey, said she was “bullish on the US . . . which has always been an important market [for] luxury, but even more so now because of the slowdown in China”.
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