40 Best Fashion Schools in the World for 2024 [Yahoo! Finance]
HERMES INTL SA UNSP/ADR (HESAY)
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Source: Yahoo! Finance
The Fashion Industry - An Overview According to a 2024 report by The Business Research Company, the global apparel market was worth $655.7 billion in 2023. From there, it is expected to grow to $918.71 billion in 2028, showcasing a compound annual growth rate (CAGR) of 6.9%. The 2024 State of Fashion Report by McKinsey & Company shows that in both 2021 and 2022, the luxury sector outperformed other industry segments. In 2022, luxury fashion apparel companies contributed 36% economic profit growth within the sector. According to the company's forecasts, the global fashion industry is expected to show a growth of 2%-4% in 2024, a major chunk of which is likely to be from the luxury segment, which is expected to grow by 3%-5%. However, experts also expressed that declining consumer savings might lead to decreased spending as customers pull back their money after going through a surge of post-pandemic shopping. Where Does The Challenge Lie? According to the survey McKinsey & Compan
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- Hermes emerges as the outlier with strong China sales, while the rest of luxury bleeds from the lack of shoppers [Fortune]Fortune
- Hermes Defies Luxury Slowdown With Sales Jump in China [BNN Bloomberg (Canada)]BNN Bloomberg
- Hermes hires Latham team to fight consumers' Birkin bag lawsuit [Reuters]Reuters
- Hermes International: Q1 2024 And FY 2024 Should See Strong Sales As Well [Seeking Alpha]Seeking Alpha
- Chanel Flap Bag Now Costs More Than €10,000 in Paris [BNN Bloomberg (Canada)]BNN Bloomberg