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☆ The Orient Express is plotting a comeback as the ultra-rich ditch luxury brands for travel
▼ + stars: | 2024-11-05 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

Dubbed La Dolce Vita, the new Orient Express trains will start operating in Spring 2025. Travel agent Julia Carter, founder of the luxury travel agency Craft Travel, said unique experiences are higher on the priority list of wealthy vacationers than ever. Itineraries on La Dolce Vita Orient Express start at $3,800 for a one-night stay. Courtesy of Orient Express ItalyUnlike cruise travel, luxury train travel is also more exclusive, another top priority among wealthy travelers. "People want the luxury of space and privacy," Craft, the luxury travel agent, said.

Persons: Vita, —, Amrita Banta, Julia Carter, Carter, Georges Nagelmackers, Agatha Christie, Dame Judi Dench, Kenneth Branagh, Buyenlarge, Samy Ghachem, La Dolce, COVID, let's, Ghachem, it's Organizations: Orient Express, Service, Research, Strategy, McKinsey & Company, Craft Travel, Orient, The Orient Express, Dolce Vita, Dolce Vita Orient Locations: Italy, China, Singapore, Thailand, Japan, Belgian, Paris, Istanbul, Sicily, Asia, Africa, Orient Express Italy

☆ Japanese shoppers are entering their spending era. Not all luxury brands stand to benefit.
▼ + stars: | 2024-11-03 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

Luxury sales in Japan surged due to a weakened yen and increased tourist spending. Brands like Hermès are thriving there by aligning with Japanese values of subtlety and quality. Rasmus Jurkatam/Getty ImagesBut in Q3, both LVMH and Kering reported a slowdown in luxury spending in Japan. Still, while the tourist spending may have faded somewhat, experts say Japanese consumers are emerging from a frugal era and spending on luxury themselves. But the Japanese aren't just splashing their cash anywhere — a bitter pill for some luxury brands to swallow.

Persons: —, Amrita Banta, Kering, Rasmus Jurkatam, Jelena Sokolova, Daniel Langer, Martin Roll, Birkin, Banta, Louis Vuitton, Roll, Langer, " Langer Organizations: Brands, Service, Research, Gucci, Morningstar, Pepperdine University, McKinsey, Prada Locations: Japan, China, India

☆ Things aren't looking great at Gucci, and Kering says its Asia Pacific slump is to blame
▼ + stars: | 2024-10-24 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +4 min

Gucci had a challenging third quarter partly due to its Asia Pacific slump, per Kering's latest earnings call. AdvertisementGucci just had a bad quarter, and Kering is attributing the lackluster performance to a slump in its Asia Pacific market. According to a third-quarter revenue infographic by Kering, sales in the Asia Pacific region were down 38% compared to the previous year. According to Kering, Gucci saw a 7% increase in sales in Japan in the third quarter compared to the start of 2024. AdvertisementApart from Gucci, Kering's other brand, Yves Saint Laurent, also suffered a loss.

Persons: Gucci, It's, —, Henri Pinault, James Grzinic, LVMH, Kering, Amrita Banta, Yves Saint Laurent, Stefano Cantino, Cantino Organizations: Service, Gucci, RBC, Reuters, mojo, Jefferies, Research, Strategy, Business Insider Locations: Asia, China, Asia Pacific, Japan, Europe

☆ Why Uniqlo is thriving right now
▼ + stars: | 2024-10-18 | by ( Maria Noyen | ) www.businessinsider.com time to read: +7 min

Uniqlo's parent recently reported record earnings for the third year running, bolstered by strong sales at Uniqlo. Uniqlo consumers are diverse in age and disposable income. Uniqlo thinks of itself as a tech companyTadashi Yanai, CEO of Uniqlo and founder of Fast Retailing, once said, "Uniqlo is not a fashion company — it's a technology company." Cristina Arias/Cover/Getty ImagesThat's why Uniqlo releases new collections seasonally, whereas rivals such as Zara produce about 500 new designs weekly. He thinks Uniqlo comes with "a bit of this myth of the Japanese psyche.

Persons: —, Zara, Kate Yuille, Uniqlo.com Amrita Banta, Z, Banta, Martin Roll, Uniqlo, Tadashi Yanai, Toray, Yanai, Cristina Arias, Yuille, that's, Koji Watanabe Organizations: Service, Retailing, M, GU, Research, Strategy, McKinsey Locations: Japan, Zara, Hiroshima, Uniqlo, Uniqlo's

☆ Rich Chinese millennials are creating new status symbols. Here are 11 ways they are redefining luxury.
▼ + stars: | 2024-05-19 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +12 min

Rich millennials in the US have been known to splash out on their pets, new laundry rooms, and expensive coffee machines. And over in China, rich millennials have their own ideas of what counts as a luxury status symbol. AdvertisementExpect to see these rich millennials mixing luxury casual wear like T-shirts and sneakers with traditional luxury brands, Banta told BI. And getting regular aesthetic treatments has become a top priority for affluent millennials, Banta told BI. Independent luxury brands that offer more authentic products and those that draw on cultural heritage are also highly in demand, she said.

Persons: —, they've, Rich millennials, They've, Claudio Lavenia, Louis Vuitton, Daniel Langer, Amrita Banta, Budrul Chukrut, Elisa Harca, Ant Asia, Mary, Kate, Ashley Olsen, prioritizes, Harca, Banta, JUAN BARRETO, Olivia Plotnick, Port Ellen, Alexandra Bacon, Ewan Andrew, Langer, Black Pearl, JOHANNES EISELE, Olivier Morin, Plotnick, Tom Dixon, Potnick, Gen, Gabriella Tegen, Gen Z Organizations: Service, Business, Pepperdine University, Research, Getty, JUAN BARRETO Travel, Wai, Social, Diageo, Michelin, China Morning, Meituan, Clover, Bloomberg, Clover Suites, China News Service, McKinsey, Brands, Independent Locations: China, Antarctica, Iceland, Shanghai, Port, Scotland, That's, Harca, Singapore, Banta, millennials

☆ Brunello Cucinelli, the $2,000 cashmere sweater-selling master of 'stealth wealth' fashion, is booming as the 'loud luxury' trend wanes
▼ + stars: | 2023-08-30 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Brunello Cucinelli, the poster child of the "quiet luxury" movement, is booming. "Quiet luxury" has been dominating the fashion world and shows no signs of losing steam. It's about quiet luxury. AdvertisementAdvertisementQuiet luxury or "stealth wealth" has been a leading movement, and trend, in fashion this year. In China, quiet luxury has taken on new meaning, experts say, to become a status symbol for the ultra-rich.

Persons: Brunello Cucinelli, Tom Ford, Lorna Hall, Amrita Banta Organizations: Service, Research, Strategy Locations: Wall, Silicon, Brunello, China

"The luxury industry seems to be outperforming the consumer market as a whole in China, but you know, really, almost everyone you speak to, there's a level of uncertainty," said Agility's managing director Amrita Banta. "There's a level of not feeling entirely comfortable with their future economic position that is really affecting almost everybody in China." Those factors disproportionately affect "aspirational" luxury customers who can easily live without another Gucci bag or $900 pair of sneakers. In China, luxury consumers are younger than in the rest of the world with an average age of 28, according to BCG - something companies had seen as positive for future growth. "In the trends that I'm seeing in the U.S. and also in China, more aspirational younger consumers are feeling more of a pain," Morningstar senior equity analyst Jelena Sokolova said.

Persons: Richemont, splurge, Morgan Stanley, Hermes, Chanel, Amrita Banta, Dior, Balenciaga, Gucci, Jelena Sokolova, HSBC's Erwan, Rambourg, Casey Hall, Mimosa Spencer, Catherine Evans Organizations: Cartier, Citigroup, Richemont, Citi, LVMH, Bain, Morningstar, Thomson Locations: SHANGHAI, PARIS, China, North America, Wuhan, Zhengzhou, Charlotte, Nashville, Swiss, Americas, Asia, United States, luxury's, U.S, Japan

But with flights remaining limited after China's border reopening in January, European luxury stores will need to wait longer for the return of masses of tourists they once depended on for growth. The average transaction value by Chinese travellers in Europe in March was 28% above 2019 levels, UBS said, citing data from VAT refund provider Planet. Cartier-owner Richemont (CFR.S), Hermes (HRMS.PA) and LVMH were best placed to benefit from wealthy Chinese shoppers, UBS added. As wealthy Chinese return to Europe and other foreign destinations, the appeal of China's Hainan Island, a duty free shopping hotspot, appears to be waning among top luxury spenders. China's "higher income, top luxury spenders (are) already travelling abroad again," she said, leading to an observable lower per-capita spend in Hainan.

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