Frederic Grangie, head of the watch and jewellery division at Chanel, stated that the luxury industry is facing a significant challenge from 'luxury fatigue,' as customers contemplate the industry's relevance.
Grangie emphasized that while the industry usually adapts to economic downturns, the current crisis will have lasting effects as 'our clientele is tired of being bludgeoned by luxury.'
The luxury sector has relied heavily on China, with Grangie noting a troubling dependency, as brands must confront declining demand amid the country's economic struggles.
Looking ahead, Grangie anticipates that '2025 and 2026 will be complicated years' for luxury brands due to a confluence of market challenges, including shifts in consumer sentiment.
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