As the luxury segment shows signs of losing steam this year, fashion brands are switching things up — focusing less on products, and more on experiences.
Breakdown
- Luxury brands are opening cafes and restaurants to attract new customers. 32s
- The trend is prominent in Asia, with brands like Louis Vuitton and Armani launching cafes in major cities. 1m 7s
- Luxury spending is slowing, prompting brands to seek creative ways to drive revenue. 2m 0s
- Cafes offer a more accessible entry point for younger consumers compared to high-priced fashion items. 2m 19s
- The long-term success of these ventures will depend on their profitability, not just their popularity. 3m 24s