变革中的奢侈品：当前挑战与未来路径

CURRENTCHALLENGESANDFUTUREPATHWAYS EDITORIAL For several months, the global luxury industry has been navigating a turbulentperiod, and this is raising fundamental questions. What is this turbulencea symptom of? Is the industry experiencing a temporary cyclical slowdownor a deeper structural crisis? In this context, Luxury brands must reflecton how they can respond effectively while preparing for recovery and futuregrowth. How can they build greater resilience? Which opportunities shouldthey seize to remain relevant today and high-performing tomorrow?Why and how should they continue to innovate? To address these questions, we, once again, engaged with a wide rangeof professionals and experts in the field, including entrepreneurs, analysts,and designers. Beyond data and statistics, which we also draw upon,these diverse perspectives convey lived experience, intuition, and insightsfrom individuals for whom luxury is an everyday endeavor, sometimesspanning generations. We hope their point of view will bring a freshperspective to a debate that must continually question — and re-question —what makes this industry unique. Although this industry is still often seen as resisting conventional economiclogic, it is today facing unprecedented macroeconomic, cultural, and societalchallenges. GUILLAUME DES ROTOURSPartner,Global Head of LuxuryKPMG in France TABLEOFCONTENTS THESHORTTERM Some thoughts on how to deal with current challenges I. A Pricing Strategy in Need of Review?II. A New Approach to Profitability and CostsIII. External Growth: Opportunities Ahead?07-1314-2324-28 05-28 THELONGTERM 0229-46 How to prepare for the future? I. Diversification Strategies or the Expansion of the Luxury RealmII.Traditional Players and Newcomers…How is the Luxury Industry Reinventing Itself?III. Second-Hand Luxury: Risk or Growth Lever for Luxury Maisons?31-3435-4243-46 INTRODUCTION While up until recently, nothing seemed to be able to hinder the growthof luxury goods, the sector is currently experiencing a period of turbulence.There are half-hearted results, a downturn in Asian markets, and consumerswho are increasingly difficult to win over. All signs indicate that the idyllic periodfor major brands in the sector, that began in the aftermath of the pandemic,is coming to an end. In 2024, sales of luxury goods declined for the first time since the pandemic. With theexception of ultra-luxury products, such as watches and jewelry – for certain brands –all products are affected. Early 2025 results confirm this trend.Luxury brands are caught in this turmoil and are being forced to rethink their strategies, although they are affected to varying degrees. Amidst numerous changes in artisticdirection, and governance and strategic shifts, each company is seeking its own pathto cope with the slowdown and prepare for the "aftermath", which, according to sourcesand involved parties, is expected to begin in late 2025 and continue through 2027. How can they bounce back? What strategic choices should they make in the short term?How can they cope with the current turbulence without compromising future growth?Which opportunities should they seize? How can they win back a sometimes-disenchantedclientele? How can they gain new market share? Should they focus on affordable luxury,or reinforce their image of exclusivity? Should they embrace innovation or return to theirroots? These interviews were supplementedby a quantitative survey conductedwith our partner, the Potloc Institute,of 180 luxury professionals.Coming from companies of all sizes, in France and abroad, across all sectorsof activity, they were invited to expresstheir views on topics as diverse as costmanagement, AI, diversification, andoperational excellence. Their responsesand the resulting analyses are incorporatedthroughout our study, providing additionalinsight into our findings. One thing is certain, however: periodsof slowdown are essential momentsof transition for companies. Luxury brandsmust therefore seize the current periodas an opportunity to build greater resilienceto meeting the challenges they face,but also to ask themselves crucial questionsabout the foundations of their identity,their value proposition, and their strategyfor looking to the future with confidence. This 2025 edition of our study on the luxury sector seeks to explore these questions. The study is structured around two distinct timeframes, and reflects the concernsof the decision makers in the sector we work with on a daily basis:-The first, dedicated to the short term, offers areas for reflection on how to meet the currentchallenges facing luxury players;-The second, devoted to the long term, deals with the underlying trends in the sector,the more or less strong signals that are already shaping the contours of tomorrow’s luxurysector and can clarify the choices being made today. Through this study, we hope to contributeto this reflection and stimulate the ever-fascinating discussion on the