The luxury industry once was considered to be recession-proof has taken quite a hit during this economic downturn:
– Louis Vuitton cancels plans for what would have been its largest and most fancy store worldwide
– Chanel lays off 200 temporary employees which has been described as the most serious setback to the company
– Christian Louboutin files for bankruptcy
– Christian Lacroix files for bankruptcy
Many high-end consumers have suppressed their appetite for luxuries and as a result could this recession be a long awaited purification for the luxury industry? A French trend expert describes it as “a revolution in values.” Maybe now the industry will forced to reevaluate and transform themselves. “We need a return to reason, decency, discretion, beauty and creativity — in other words, to true values,” stated Alain Némarq, the chairman of Mauboussin.