Luxury brand sales fall in Australia as cost-of-living crisis hits high-end spending.

Luxury brands like Gucci, Louis Vuitton, and Versace are seeing sales drop in Australia due to the cost-of-living crisis. LVMH and Kering Group, which own these brands, reported a 3% and 16% drop in revenue, respectively. This decline is raising concerns about a recession in the luxury sector, with flagship stores in major shopping areas like Collins Street appearing deserted even during busy hours.

November 15, 2024
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