FTN News: Luxury Retail Brands Sees Growth in Southeast Asia
Despite taking a hit from the COVID-19 pandemic in the first half of 2020, things are starting to look better for the fashion/luxury retail industry in Southeast Asia.
In the first half of 2020, LVMH Moeët Hennessy Louis Vuitton recorded a 27% drop in revenue at 18.4 billion euros. In the second quarter, the revenue was still down in the United States and Europe. However, the LVMH Group did see a marked improvement in Asia as a whole, particularly in China.
In fact, a study by iPrice Group found that Southeast Asians are looking for luxury brands online even more so after the pandemic struck. Here are some of the brands that experienced a spike in the number of searches on Google:
Louis Vuitton experienced a 555% increase in searches
Yves Saint Laurent had an increase of 306%
Chanel had an increase of 274%
“Thanks to the strength of our brands and the responsiveness of our organization, we are confident that LVMH is in an excellent position to take advantage of the recovery, which we hope will be confirmed in the second half of the year, and to strengthen our lead in the global luxury market in 2020.” – Bernard Arnault, Chairman, and CEO of LVMH.
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