Headlines: Orient Express, China Singles’ Day, Gucci and De Beers

November 8, 2023

According to Bain & Co., enthusiasm around Singles’ Day is waning as Chinese consumers become more value-conscious and emotionally-driven. Image: Shutterstock

By Staff reports

Curated headlines by Luxury Roundtable

We bring you the latest headlines in luxury to save you time. Please note that most sources are behind paywalls.

Report: Global luxury fashion market to reach $402B by 2028, up from $281B in 2022

Online sales of luxury fashion is anticipated to experience substantial growth during the forecast period. (Luxury Roundtable)

Orient Express to relive Golden Age with Art Deco-themed Italian hotels, sailing ship
Accor is investing heavily in its luxury-oriented brands, particularly reinvigorating the Raffles and Orient Express marques. (Luxury Roundtable)

Bank returns now compete with yields on prime residential assets: report
Higher inflation and interest rates have rewritten the rules for property investors in key markets worldwide. (Luxury Roundtable)

Will Kering’s plan to restore Gucci to past glory work?
With a 13 percent reported decline overall and a 9 percent comparable shortfall, third-quarter revenues for the group dropped from $5.4 billion last year to $4.7 billion this year. (Luxury Roundtable)

Optimism grows with affluent Americans as they look to turn volatility to opportunity, survey says
Properties and passion assets have emerged as a popular way for readers to diversify. (Penta)

Gucci Cosmos Land brings physical heritage to the metaverse

(Vogue Business)

Why luxury brands are pivoting to athletes
In the key China market, sports stars are an increasingly popular choice for luxury brands aiming to broaden their appeal while limiting their exposure to scandal-prone entertainers. (The Business of Fashion)

Millions of luxury products now come with unique digital passports. Here’s what that means.
Brands are starting to adopt the tags in large numbers as they prepare to meet major new EU regulations coming down the pipeline. They’re using the opportunity to build in customer-facing features that can appeal to shoppers, too. (The Business of Fashion)

De Beers diamond sales slump
De Beers sold the least diamonds since halting sales altogether during the height of the global pandemic, as the industry struggles with weak demand and too much stock. (The Business of Fashion)

China’s hyper-online elderly to spend $750 billion by 2035. How can brands tap in?
China is home to more than 280 million individuals aged 60 and above – 20 percent of its population. (Jing Daily)

Has hype around China’s Singles’ Day fizzled out?

Chinese consumers are no longer that excited about Singles’ Day, according to Bain & Co. The consultancy’s latest Singles’ Day report, released yesterday, shows that in a survey of 3,000 consumers across Chinese cities, only 53 percent of respondents said they were excited by this year’s shopping extravaganza, compared with 76 percent in 2021. (Jing Daily)

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Headlines: Orient Express, China Singles’ Day, Gucci and De Beers

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