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A murky outlook for luxury goods
Essay specific features
Written by:
Helen M
Date added:
September 13, 2016
Level:
University
Grade:
A
No of pages / words:
24 / 6687
Was viewed:
6312 times
Rating of current essay:
Essay content:
The terrorism attacks and the immediate and severe depression of tourism and air travel proved to be one crisis too many.
.
"The luxury goods sector tends to be quite recession proof because people who buy them have secure jobs or are wealthy anyway," Bryan Roberts, a senior retail analyst at the research firm Mintel International Group Ltd...
displayed 300 characters
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"But Sept. 11 had a massive impact on a number of big global brands. They are very reliant on tourism for their sales, at retail outlets in airports and at larger tourist destinations. A number of businesses were severely hit, with sales down one-fourth to one-third in the fourth quarter."
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The drop in sales was so extreme that the three largest global providers of branded goods ?X LVMH Moet Hennessy Louis Vuitton SA, Richemont SA and Gucci Group ?X have either reported or are forecast to report substantial declines in profits for the financial year that includes the fourth quarter...
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