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Dominique Muret Published December 24, 2024 Reading time
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Luxury consultant Yves Hanania says easier to grow than to shrink

By

Dominique Muret Published
December 24, 2024

Yves Hanania, founder of Parisian consulting firm Lighthouse, specialises in brand strategy and development, and has co-authored the books Le Luxe Demain (luxury tomorrow) and Le Luxe contre-attaque (luxury on the counter-attack) by Dunod Editions. For FashionNetwork.com, Hanania has analysed the main changes that faced the luxury industry in 2024, a year marked by increased geopolitical tensions and a profound economic crisis, as well as the challenges awaiting in 2025.
 

FashionNetwork.com: What picture would you draw of 2024?
 
Yves Hanania: The environment is extremely panicky. We’re witnessing a generalised [luxury market] decline as several very important regions, Europe, China, even South Korea, are slowing down, a rare phenomenon because such slumps are generally more localised. I’d even add the USA to the list of major regions that are experiencing a setback. Having said that, we must differentiate between segments and labels. A consumption decrease for certain products sometimes results in a shift to new product segments as assortments broaden.
  
FNW:How would you describe this crisis?