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Economic woes boost luxury sales
Written by Daniel P Dykes
You would think that the effect of the economic crisis on the fashion industry might be immediately negative; certainly many fashion and beauty companies are seeing a downturn in sales, and luxury prices have been slashed in Japan as a result.
Not so in all countries, however, with Australian luxury retailers current experiencing a surge in sales.
The large comes courtesy of a heavily devalued Australian dollar; which has reached as little as US$0.60 in value. Bad news for Australians travelling overseas, but fantastic news for tourists with foreign money to spend.
And have they spent.
Chanel's Melbourne boutique has seen record sales this week, to the extent where they have now sold out of all classic Chanel handbags. They company, now flying in more goods from their overseas stores to cater to demand, has seen the sales increase largely on the back of tourists from the Far East.
A similar story is to be told for the majority of Melbourne's luxury boutiques, with average mid-week sales up near the 300% mark.
Written: 30th October 2008 at 14.31
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Author
Written by Daniel P Dykes.
Traditionalist and futurist are two of the labels applied to Daniel, but he sees the two as being in perfect balance. With a keen eye on the future and his finger on the pulse he helps keep fashionisers everywhere ahead in the fashion stakes as Fashionising.com's lead fashion trend analyst. Believing that the late-2000s credit crisis will be ultimately good for fashion, Daniel sees a future for fashion where grounded in traditional values; where luxury fashion again comes to represent quality production as opposed to being solely label driven.
Currently based in Melbourne, Daniel is Fashionising.com's Editor in Chief and Chairman.