Valentino Sales Climb as Luxury Goods Market Seen Reaching 1.3 Trillion Euros
MILAN — The luxury goods market has the potential to become a 1.3 trillion euro business by 2025, growing by 4.6 percent a year. As per Boston Consulting Group’s True-Luxury Global Consumer Insight study presented at the Altagamma Consumer and Retail Insight conference here Wednesday, 425 million luxury goods consumers spent around 920 billion euros in 2018. Between 2018 and 2025, the study estimates that personal luxury goods will grow 3 percent, supported by the accessories and cosmetics categories. Experiential luxury will grow 2 percentage points faster. Millennials will represent 50 percent of the personal luxury market by 2025. Chinese consumers will represent 40 percent of the luxury market by 2025. Luxury brand Valentino is also showing gains, said chief executive officer Stefano Sassi, revealing that last year revenues rose 3.4 percent to 1.2 billion euros, compared with 1.16 billion euros in 2017. “We continue to grow, even if not at the rate we were used to before,” he said. And the year has started on an upbeat note, as all markets “were positive in the first quarter,” with Hong Kong and Macao slower than other regions “because the Chinese are traveling less there but buy more in China,” the ceo said. As for
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