Early next month HERMES opens its first ever men’s only store in New York on Madison Avenue. The move comes as the top luxury brands have become aware of the importance of quality and craftsmanship in nowadays turbulent economy. Customers are looking for top quality products and services and the brands which can draw on their manufacturing reputation will be the most successful. Other luxury brands which have been enjoying stable sales are VUITTON, GUCCI and BURBERRY.
The origin of products and manufacturing is a crucial element that should be embraced in the strategic development by all top luxury brands which want to emerge successful from the crisis. For instance, ARMANI are still pushing expansion of their EMPORIO ARMANI and EXCHANGE lines (all made in Asia and Africa) over the expansion of their first line GIORGIO ARMANI, which we believe is a losing strategy on the long term.
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