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The Reaction to the Shock, Defined by Change
During the first phase of the health emergency (March 9-May 4, 2000), the shutdown of economic activities caused a blockage of operations especially for smaller Italian businesses, that in our country represent a high percentage of employment and economic output of the Italian production system. Over 70 percent of businesses (73.7 percent in terms of employment) reported a reduction of turnover compared ...
Luxury Experience as a Modus Vivendi
On April 11, 2020, upon reopening in China after the first Covid-era lockdown, the Hermès Taikoo Hui store in Guangzhou generated $ 2.7 million in sales in a single day. This result was largely due to the sale of rare items, among which, in particular, a diamond-studded Himalayan Birkin bag.[1] This news is highly emblematic in representing the transformations, new configurations, and at the same ...
Global Players are Shopping for Smaller Businesses
The analysis of key factors influencing the evolution of the luxury sector will focus on the unique characteristics of the described market. This sector is distinguished by its resilience, driven by the exclusive and distinctive nature of its products, customer loyalty, and the global presence of luxury brands (McKinsey & Company, 2020). Value and Key Trends in the Luxury Goods Market The luxury ...
A Growing Market Despite Uncertainties
The personal luxury goods segment, in particular, recorded an acceleration this year, following the rebound achieved in 2021. Supported by strong market performance in all quarters and despite worsening macroeconomic indicators globally and challenges in China, the personal luxury sector is set to reach a value of 353 billion euros in 2022, marking a 22% acceleration at current exchange rates (or ...
Discretion and Refinement at the Core of Quiet Luxury
Iconic brands such as Brunello Cucinelli and Loro Piana stand as champions of quiet luxury. While a “GG” Gucci belt buckle or a Christian Dior logo tote bag loudly assert their luxury status, the quiet luxury items, such as neutral-toned cashmere sweaters, silk button-down shirts, and wool overcoats, require discerning observers. The value of these pieces lies in expensive materials and expert ...
Excellence Becomes a Group: the Case of Florence
When we talk about the luxury market, we celebrate the brilliant sales results of the last two years and the amazing performance of some brands that are protagonists, using indicators ranging from turnover, to profitability, to the growth of direct stores, to brand equity, and the performance on the capital market. The latest report by Deloitte (Global Power of Luxury Goods 2022)[1] shows a varied ...
Luxury Hospitality: Challenges, Trends, and Good Practices
The luxury market is undergoing a significant shift, as the upcoming generations of consumers are expected to dominate the market in the future. Generations Y and Z, born between 1981 and 2012, are set to represent 80% of the global personal luxury goods market by 2030 (Bain & Company, 2023). These young consumers have a different approach to luxury than older generations. They value meaningful luxury ...
Jewelry between Continuity and Transformation
First paradox: What is new and what is not The pandemic crisis has accelerated a trend that was already visible before: the dominant presence of iconic products lines, which have been in the market for years. The Cartier Love or Juste un Clou, Van Cleef Alhambra, Bvlgari B01 or Serpenti, Tiffany T, and others have earned an increasing market share on the global scene. New lines are emerging ...
The Great Challenges for Italian Industry
The automotive industry represents one of the pillars of the Italian economy. However, starting from 2000, the crisis of the FIAT production model, culminating in the merger between FCA and PSA, has led to a significant contraction in production and, consequently, in turnover. Italy remains an important player but risks lagging behind, threatened by the competition from other European countries. There ...
A Great Future Behind Us?
The history of the Italian automotive industry, from the birth of FIAT to the formation of the Stellantis Group, represents a path that has not always been linear, marked by economic growth and contraction of productivity, labor disputes and more or less satisfactory agreements. The entry of Sergio Marchionne into the FIAT Group marked an international opening that, while avoiding the collapse of ...