There are cracks showing in the most important market for global luxury. Gucci’s slump in sales, with parent Kering’s warning this week of a slowdown in Asia, prompted investor concerns about demand for the wares of Europe’s luxury groups.
Tastes in Asia — and its largest market China — are certainly changing. But a closer look at those trends suggests they won’t hit luxury groups equally. There will be winners, both among Europe’s high-end houses and a growing crop of local rivals.
China’s second-hand luxury market is booming. Rapid growth in this market, estimated to be worth over $8bn in China, is starting to be replicated in other parts of the region, notably in south-east Asia.
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