Concerns mount for Burberry, LVMH as global luxury sector in worse state since financial crisis
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The global luxury sector is facing its worst state since the financial crisis, with Bain & Company projecting a 2% contraction in luxury sales for 2024. This marks the first annual decline since 2008, excluding the Covid-19 period, due to weaker demand in key markets like China and South Korea.
November 13, 2024 | 3:30 pm
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Burberry is likely to be impacted by the projected 2% contraction in global luxury sales for 2024, as weaker demand in key markets like China and South Korea affects the sector.
Burberry, as a major player in the luxury sector, is expected to be negatively impacted by the projected decline in global luxury sales. The weaker demand in China and South Korea, which are significant markets for luxury goods, will likely affect Burberry's revenues.
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