The luxury fashion industry is set to grow between 5 and 12 percent this year. However, as the selection of quality goods has continued to grow, consumers have become far more sophisticated in their brand choices, creating steep competition within the category. Longing for deep experiential engagement beyond a material product, the cost of doing business has largely been influenced by a brand’s ability to spark a purposeful connection and hold a very personal conversation.
According to the joint report from consultancy firm, Bain & Co., and Italian trade group, Altagamma, keeping top customers engaged is more difficult than ever. As a result, the scale has become a significant advantage. Brands like Chanel, Hermès, and LVMH are set to outperform the rest as their top-tier status allows greater exposure to wealthier audiences who are