By
Bloomberg
Revealed
March 1, 2025
Three of the world’s largest luxurious conglomerates opened simply 29 shops in Europe final 12 months, down 20% on 2023 within the newest proof of a slowdown within the sector.
Tiffany & Co.
LVMH Moët Hennessy Louis Vuitton SE, which owns Christian Dior and Tiffany & Co., opened 15 shops forward of Richemont at 11 and Kering at solely three, mentioned actual property dealer Cushman & Wakefield. In contrast, the three firms opened 36 shops in complete in 2023.
The slowdown displays the luxurious trade’s uneven restoration from a unprecedented surge in demand after the pandemic, adopted by a droop in spending, notably amongst Chinese language consumers.
LVMH noticed its revenue sink final 12 months and Kering’s annual recurring working revenue fell by virtually half to €2.55 billion ($2.6 billion) — its lowest since 2016. Richemont is faring higher recording a double-digit bounce in gross sales within the fourth quarter, amid resilient demand for “hard luxury,” like jewellery amongst its wealthiest purchasers.
Luxurious precincts
