Versace are cutting a quarter of their workforce, Chanel also cut jobs, YSL has closed stores. It’s the smaller, family owned fashion houses that are really feeling the brunt of the tight arsed GFC shopper, while multi-brand players like Gucci and Louis Vuitton are still popping the champagne.
Luxury goods
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Rich pickings: luxury firms retreat to the elite
This videographic from The Economist shows why the producers of luxury goods — who briefly flirted with the cashed-up aspirational middle class — are likely to retreat to their traditional super-rich clients.
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Luxury market loses its lustre
Faberge has returned with a new collection and they’re asking an ambitious $US7 million for a brooch. But how’s the luxury market doing more generally in the downturn? Poorly, says James Thomson.
Can’t afford a $66K glass Artichoke lamp? Try $12 sheep’s milk soap instead
Hard hit luxury stores are getting creative, banking on people to continue being just a little self-indulgent — say, splurging on a fancy garden trowel instead of a chandelier.
The super rich tighten their Ferragamo belts
The credit crunch and economic slump is cutting a swathe through the assets of the rich and super-rich and their suppliers, writes Glenn Dyer.
