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Robust recovery in China and the US coupled with the continued strength of online channels will further lift sales of luxury clothing, shoes and jewellery in 2021, surpassing pre-Covid 2019, Bain & Co revealed.
The rebound is happening faster than expected, with the personal luxury goods industry estimated to reach EUR283 billion (around US$324 billion) by yearend, up 1 per cent from 2019.
“After navigating an unpredictable year, the luxury industry returned to growth in the second and third quarters when compared to 2019,” the consultancy said. “Bain expects that the most likely outcome for the fourth quarter will be 1 per...
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