Daily LInks
1. Cucinelli Says You Can’t Digitize the Feel of a Cashmere Sweater: Even as other luxury brands hesitate to predict business trends amid the uncertainties of the pandemic, Cucinelli is sticking with its 10-year growth projections for 2019-2028, with sales seen doubling in the period. “Our clients keep calling us; they want to make private appointments in our shops and try pieces of the 2021 collection.” – Read More on Bloomberg
2. The Real China Reshoring Isn’t What You Think: China sales at Kering, which owns brands like Gucci and Saint Laurent, were up over 40 percent year-over-year in the second quarter. BMW delivered 17 percent more cars in China from a year earlier in the quarter, when sales everywhere else fell. – Read More on the Wall Street Journal
3. Amazon Isn’t Synonymous With Luxury. That May Be Changing: There is a “large, long-term value creation opportunity from luxury,” with a $300 billion total addressable market. To attract luxury brands, Amazon might have to cede control over prices and inventory, much like Alibaba Group Holding’s Tmall business. – Read More on Barrons
4. How Millenials are Changing Age-Long Traditions of Luxury: “Online sales of personal luxury goods — apparel, footwear, accessories, jewellery and watches, leather goods, and beauty and perfume — account for 8 percent of the €254 billion ($302 billion) global luxury market, or about €20 billion ($23.8 billion).” The report indicates the company’s expectation that online luxury sales would triple by 2025 – meaning that nearly one-fifth of personal luxury sales will take place online. – Read More on Forbes
5. Why All Your Favorite Fashion Brands Are Selling on Depop: “Instant feedback and the ease of uploading new inventory means brands can hear from a potential customer and pivot to service them in minutes, quite literally. That’s a tremendous opportunity for a brand to build community and customer loyalty.” – Read More on Vogue
6. Can Italy’s Fashion Artisans Survive COVID? The fashion industry is worth almost 1.5 percent of Italy’s gross domestic product, with more than 83,000 active businesses. The majority of these are small companies, employing almost half a million people. – Read More on OZY
