Friday, October 30, 2009

Affordable Luxury Kickin’ Not-Affordable Luxury’s Ass

We all love luxury and nice things – or at least we use to before this recession hit – but those companies aren’t really loving us anymore. Mostly because we don’t buy their stuff. According to the New York Times,

Brands like Tommy Hilfiger, D&G from Dolce & Gabbana, or Tory Burch, all selling below the luxury designer category, are growing now because they expanded or reorganized, repositioned collections or introduced new lucrative lines before the first signs of the recession.”
Tommy Hilfiger just opened a 22,000-square-foot store on Fifth Avenue in Manhattan. To most that would seem crazy, but his sales have grown 21% to $1.6 billion. And D&G, the little sister of Dolce & Gabanna, has had an 8% growth each year with their sales being $1.04 billion for the end of the financial year, March 31. Hopefully because these companies are doing so well, higher-end luxuries will see they need to lower their prices, some of which are ridiculous. Take that luxury.

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