The fashion subscription service has announced that Lake will be transitioning from her role as CEO to that of executive chairperson of the board. She will be succeeded at the helm of the business by Elizabeth Spaulding.
Bain & Company has teamed up with Positive Luxury to offer a vision of sustainable luxury for 2030, highlighting five key areas of focus for brands hoping to implement sustainability strategies over the next 10 years.
This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.
Since the pandemic’s outbreak, luxury sales in China have boomed, accounting for up to 80% of the global market in 2020. A position that will stay dominant for years to come, according to Jefferies and Bain & Company.
Faced with consumers who are increasingly demanding in terms of brand values, luxury labels are undergoing a sea change, extending their vision beyond products. Gucci more than others, through its unique initiatives.
Gen Z and Millennial consumers will account for two thirds of the luxury market in 2025, forcing labels to adapt their strategies to their young clientèle’s “activist” vision, said the latest study by Bain & Co.
John Lewis Partnership announced Wednesday that Pippa Wicks is joining its department stores chain as Executive Director. She’s joining in August from the Co-operative Group where she was Deputy Chief Executive.
Consumers are continuing to buy luxury items during the international lockdown with online sites in Britain seeing particular interest in designer handbags and expensive sneakers, a report said on Tuesday.