The French group, whose president Paolo de Cesare departed in early 2020, has appointed as his successor Jean-Marc Bellaiche, a former director at Tiffany and Contentsquare, who will start in his new role on October 1.
Mall operators in the Gulf region are delaying new mega-projects as the coronavirus pandemic and low oil prices upend a retail industry built around huge centres catering to tourists and wealthy locals.
The two management consulting experts have outlined for FashionNetwork.com what the post-Covid-19 luxury market will look like. They believe luxury labels will be faced with five main challenges in the coming weeks.
According to a survey by BCG/Bernstein, the pandemic could wipe out up to nearly a third of the luxury market's value, estimated at €350 billion in 2019, with heavy repercussions on luxury groups’ EBITDA and cash flow.