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Fashion United
3 days ago
- Business
- Fashion United
European luxury: A new report reveals the challenges and growth prospects
European premium and luxury brands represent 5 percent of European GDP, or 986 billion euros. This figure, from a new report by the European Cultural and Creative Industries Alliance (ECCIA), in collaboration with the Comité Colbert and Bain & Company, is up 1 percent compared to 2018. While its evolution demonstrates growth dynamics, the sector's future appears more fragile than ever, given the tariff announcements by the Trump administration and geopolitical tensions. Absence of a single, clear evolutionary scenario In 2024, the value of the premium and luxury sector is down 1 percent compared to the previous year and now stands at 1,417 billion euros. These figures reflect the sector's sensitivity to recent economic fluctuations. 'In a baseline scenario where current turbulence gradually subsides, the luxury sector should reach a market size of between two trillion and 2.5 trillion euros by 2030,' the ECCIA study states. The experts confirm: 'The macroeconomic uncertainty following recent tariff announcements makes it difficult to define a single, clear evolutionary scenario.' The personal luxury goods market, which includes fashion, currently represents about a quarter of the entire luxury goods sector. It has experienced robust growth over the past five years, with a CAGR (Compound Annual Growth Rate) of 5 percent from 2019 to 2024 (estimate). In 2024, the market is expected to experience its first slowdown since the Great Recession (2008-2009), excluding the impact of Covid-19, with a projected contraction of two percent at current exchange rates compared to the previous year. In this context, ECCIA is sounding the alarm: 'Retaliatory measures, including tariffs and non-tariff barriers, threaten the industry's ability to maintain competitive access to these essential export markets,' the organisation stated in a press release. The rise of protectionist discourse could heighten tensions for a sector that relies heavily on open markets. ECCIA concluded: 'Moreover, our production cannot be relocated, as our business model and attractiveness are based on European cultural heritage and expertise.' Key pillars of luxury To maintain positive momentum, luxury and premium players must keep in mind the maintenance of key pillars: aura; craftsmanship and technical excellence; creativity and innovation; sustainability and social responsibility; customer experience; selection of their distribution network; and their global appeal. Focus on six of them. Aura Aura is an essential value lever in the luxury sector. It encompasses a brand's heritage, creativity, emotion and exclusivity to create a strong emotional bond with the consumer. In the age of digital technology and AI, where luxury codes are increasingly imitated, brands must preserve the authenticity of their creativity by combining innovation and heritage. Tomorrow's aura will no longer be limited to rare objects and materials. It will be expressed through strong emotional experiences, consistent storytelling and sincere engagement with contemporary issues such as inclusion, identity and social responsibility. Aura will thus become a marker of meaning as much as distinction. Craftsmanship and technical excellence The future of European luxury depends on brands' ability to preserve and transmit their craftsmanship in the face of two major challenges: the rise of local competition in emerging markets and the scarcity of skilled craftspeople in Europe. To address this, brands are investing in training, academies and actions to promote crafts, in order to guarantee succession and strengthen the attractiveness of these professions. By anchoring this expertise in the future, they are securing their value chains while reaffirming their uniqueness in an increasingly competitive global market. Sustainability and social responsibility The future of European luxury relies on ever-deeper integration of sustainability and social responsibility at the heart of business models. Rooted in craftsmanship and respect for nature, luxury brands must continue to innovate to protect their resources, while strengthening transparency, traceability and ethics throughout their value chain. In a context of increasing regulation, it will be essential for them to be able to make their sector-specific characteristics heard, in order to build ambitious, coherent and consumer-understandable sustainable strategies. Customer experience The future of luxury lies in deepening the relationship between brands and customers, far beyond the act of purchase. To remain relevant, brands must offer immersive, cultural and emotional experiences that fully integrate into their customers' lifestyles and values. By cultivating these authentic connections through exclusive events and personalised interactions, they will strengthen their place in each consumer's personal world, transforming loyalty into lasting attachment. Selective distribution The future of luxury relies on increasingly selective, controlled and omnichannel distribution, in order to preserve exclusivity while meeting the expectations of a demanding global clientele. Brands will need to continue to closely integrate physical and digital channels to offer personalised, consistent and emotionally engaging experiences. This strategy will not only strengthen loyalty and perceived value, but also protect product integrity in the face of growing grey market risks, while guaranteeing a direct and controlled relationship with each customer. Global recognition and appeal To stay ahead, brands will need to step up their global marketing investments, adapting to the specific expectations of key markets such as Asia, the Middle East and the US, while preserving their European identity based on excellence, creativity and expertise. This strategy will enhance their attractiveness to an increasingly diverse and demanding international clientele. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Fashion Network
17-06-2025
- Business
- Fashion Network
Luxury brands face hiring and retention challenges in retail roles
Hiring qualified sales staff has become increasingly difficult across the retail industry since the Covid‑19 crisis—and luxury brands are no exception. A joint study by Comité Colbert and consultancy MAD found that 60% of French luxury houses struggle to attract new talent to boutique and frontline roles, including hospitality positions. Recruitment challenges are even more acute in store management, with 93% of brands reporting significant difficulties. 'Retail talent tensions aren't new—but they're accelerating,' said Delphine Vitry, founder of MAD. 'These roles are becoming less desirable. Brands now face three core challenges: attracting candidates, developing their skills, and ultimately retaining them.' Turnover in luxury retail now averages 15%, rising to as much as 60% in markets such as Southeast Asia. As retail roles grow more complex and demanding, luxury brands are evolving their talent strategies. Forty‑two percent have implemented formal skills frameworks at the brand or group level to better define competencies, assess potential and guide staff development. However, a significant leadership gap persists: 77% of brands say their store managers still lack the skills to lead teams effectively and drive performance. Clienteling has become a strategic priority, as brands seek to cultivate long-term, personalized relationships through private appointments, exclusive events and tailored services. Seventy‑seven percent of luxury houses now consider it a key area for team development. 'Clienteling drives 30% of fashion luxury store revenue—and up to 50% in watchmaking,' said Chloé d'Avout, partner at MAD. This shift has made training a key investment to boost performance and strengthen the employee value proposition (EVP), or the benefits and opportunities a brand offers its staff. With younger generations more likely to change jobs, learning and career progression have become critical retention levers. 80% of brands now conduct regular internal surveys to better align with employee expectations. Salary remains the top concern, followed by career growth and work-life balance. Flexibility is also rising in importance. While remote work generally applies only to store managers, some brands are introducing options such as the four-day workweek—now in place at Hermès stores in Paris—and personalized scheduling. Compensation alone is no longer enough. Workplace culture and well-being now play equal roles. D'Avout suggests rethinking job titles—like client advisor or brand ambassador—enhancing collaboration between retail and headquarters teams, and celebrating talent more consistently through recognition initiatives. Leadership stability also affects retention. 'Frequent changes in creative direction or CEOs can lead to staff departures,' she said. 'Brand desirability also plays a significant role in attracting talent.' Finally, the study highlights a growing interest in artificial intelligence, which remains underused across the sector. While 87% of brands have yet to integrate AI into recruitment or workforce planning, 77% plan to do so within three years. 'Brands already using AI report a measurable boost—higher recruitment volume and significantly reduced turnover,' the report notes. The stakes are high with approximately 70% of luxury brand employees working in frontline roles. Comité Colbert's general delegate Bénédicte Epinay emphasized that these positions—much like those in high-end craftsmanship—'must be positioned as careers of excellence.' Conducted between April and June 2025, the study draws on input from 31 respondents—including CEOs and HR leaders at French luxury brands—who completed a structured questionnaire. It also incorporates insights from in-depth interviews with retail and regional directors, along with additional desk research.
Forbes
10-05-2025
- Business
- Forbes
The Secret Behind The Enduring Allure Of French Luxury
Épinay knows what's next for high-end European brands. David Atlan Photo If there's someone who knows luxury, it's Bénédicte Épinay. She serves as president and CEO of Comité Colbert, an association founded in 1954 by Jean-Jacques Guerlain (of the renowned Guerlain perfume house) to promote French luxury. Comité Colbert unites more than 100 of France's most prestigious luxury companies spanning various sectors, including hospitality (Ritz Paris and Four Seasons Hotel George V, Paris), gastronomy (Alain Ducasse and Anne-Sophie Pic), fashion (Balenciaga and Chanel) and even cultural institutions (Opéra National de Paris and Palace of Versailles). After speaking at Forbes Travel Guide's recent Monaco Summit, we caught up with Épinay to learn more about the latest trends and what's next for French luxury. Épinay explained the definition of luxury at Forbes Travel Guide's Monaco Summit. David Farraj Luxury is, above all, a French affair, since it originates from a political decision made under Louis XIV in the 17th century to establish royal manufactories for crystal, furniture and tapestries, and to grant royal charters in other fields, such as silk and jewelry. His minister of the economy Jean-Baptiste Colbert saw this as a means to enrich the kingdom by specializing it in products of the highest quality — of which the Palace of Versailles, an architectural marvel, became its greatest ambassador. During the same era, the academies of fine arts, music and architecture were founded. Colbert believed that a strong economy requires a strong culture. In the wake of these reforms, the École des Beaux-Arts was established in Paris. Today, there are some 50 Beaux Arts schools in France, as well as 40 campuses of excellence dedicated to fashion, jewelry and design, which train an artistic elite and pass on the knowhow of this industry. At the heart of our 'art de vivre' lies gastronomy. It has been a powerful element of France's soft power since the Middle Ages, beginning with the world's first cookbook, The Viandier, published in 1486. Paris was also home to the world's first restaurant. Yet France has always attracted talents from around the globe — in fashion, design and gastronomy alike. It is this blend of inspirations that makes France so unique and gives its art of living a truly universal character. Ritz Paris is an iconic hospitality brand working with Comité Colbert. Ritz Paris The role of Comité Colbert has changed very little since 1954, because the two challenges faced by its founders then remain the same today: attracting and training a new generation of artisans and promoting French luxury and art de vivre abroad. However, new issues have indeed arisen over the years. Chief among them is the protection of our maisons' intellectual property — now crucial in the face of dupes and counterfeiting — as well as questions related to social and environmental responsibility. In this context, Comité Colbert initiated the creation of a European association of national luxury associations in Germany, Great Britain, Italy, Spain, Portugal and Sweden. Together, we represent 750 European luxury brands and work in Brussels to promote, defend and protect this industry. The major trend I'm observing right now is a return to the notion of 'value for money,' which gives full meaning to the work of our maisons' artisans — whether leatherworkers, couturiers or jewelers, but also chefs, bakers and gardeners. Consumers aren't opposed to paying a high price for a luxury product or service, they just need to understand why. They also love having a behind-the-scenes visit. Today's consumers are also increasingly seeking personalized experiences and products. Last year, in partnership with the consultant firm Sociovision, we conducted a study among affluent young people in France, China and United States to understand how they acquired their culture and love of luxury. The study very clearly showed that, for 50% of young French, 61% of young Americans and 56% of young Chinese, not only does their taste for luxury come from their parents, but they especially appreciate what their parents passed on to them. Épinay insists that the luxury industry is one of the most resilient sectors. David Atlan Photo It's a misconception that the new generation isn't interested in heritage. As a result, 48% of those surveyed in France, 60% in the United States and 77% in China say they buy the same brands as their parents, though not necessarily the same models. On average, 76% of respondents say that luxury is part of their daily lives. Another interesting point: two years ago, we launched the #savoirfaire hashtag on TikTok to share videos of our maisons' artisans. Within a few months, it surpassed 800 million views, once again demonstrating this new generation's strong interest in heritage and savoir-faire. This sentence referred to the fact that people often set luxury and modernity against each other. My answer is that, yes, we do have one foot in the past — many of our brands have a long history — but it is precisely because they have remained modern by embracing innovation that they continue to thrive. The future of French luxury lies in maintaining the tension between preserving a maison's original spirit and DNA while infusing it with the necessary modernity. People no longer travel as they did 20 or 30 years ago, nor do they dine as they once did. What endures, however, is the permanence of luxurious décor and tableware, attentive service and high-quality materials and ingredients. Are clients drinking less wine? Let's offer them appealing alternatives. Are dietary restrictions on the rise? Let's turn that challenge into a source of inspiration. This is a very personal question that in no way commits Comité Colbert or our maisons. For me, the best service a luxury brand can offer is to have the product or service I came looking for. Availability is key. What impresses me about French luxury is precisely its ability to seize the spirit of the times to remain relevant for so many years. Half of the Comité Colbert's member companies were founded in the early 19th century, which means they have survived wars, economic crises, the advent of the train, electricity, the automobile, the airplane, the internet — and much more. Do you know any other sector with such resilience?
Business of Fashion
01-05-2025
- Business
- Business of Fashion
French Luxury Trade Groups Push Back Against Social Media Counterfeiters
France's luxury trade groups are quietly fighting back against a flood of counterfeiters pushing luxury superfakes on social media. Over the last week, The Fédération de la Haute Couture et de la Mode, Comité Colbert and the Union des Fabricants (UNIFAB), the French association for promoting and defending intellectual property, have circulated a position paper to French and European policymakers calling for 'immediate action' to stop an 'unprecedented widespread disinformation campaign' about the origin of luxury goods. The call to action is in response to the viral spread of content posted on TikTok and other social media platforms over the last few weeks, suggesting that European luxury goods from brands like Hermès, Chanel and Louis Vuitton are manufactured in China before being relabelled as 'Made in France' or 'Made in Italy.' The videos, which pose a serious fake news problem for luxury brands, were posted by creators claiming to be Chinese manufacturers responding to the prospect of sky-high US tariffs by offering American consumers the opportunity to buy cut-price luxury knock offs. 'It's a flagrant case of promoting counterfeiting,' said FHCM executive president Pascal Morand. 'It is misleading and deceiving consumers.' UNIFAB, Comité Colbert and FHCM have pushed for policymakers to strengthen measures aimed at banning the spread of such content and called for international cooperation to prevent its distribution. '[It is] imperative to put an end to this defamatory disinformation about the entire luxury industry,' the position paper said. 'This defamation occurs in an uncertain geopolitical and economic context and severely harms the preservation of intellectual property, which is the only guarantee of product authenticity for consumers and investment in innovation and the preservation of jobs in Europe.' Learn more: Luxury Has a Fake News Problem. Is Silence the Right Strategy? Hermès, Chanel and Louis Vuitton are among the luxury megabrands that have largely remained quiet amid a flood of viral TikToks falsely suggesting their bags are made in China. Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholders' documentation guaranteeing BoF's complete editorial independence.
