Personal luxury goods revenue to drop by 35 per cent

Latest news report suggests, global revenue in personal luxury goods market is likely to drop by 35-39 per cent in 2020 as India’s luxury sales have declined 60-80 per cent in the first quarter. As brands are digitizing their processes and upgrading their systems, online luxury buying is likely to become a new norm. Shailesh Chaturvedi, Managing Director and CEO, PVH brands says omnichannel route will help brands survive and thrive during these tough times. They can utilize inventory from the warehouse and ensure customers have more choice.

While China may have seen an influx of shoppers after the lockdown ended labeled popularly as ‘revenge buying’. Chaturvedi is not sure if India is seen as similar but pent up demand is certainly visible. According to him, since the Work From Home’ trend will survive for a long time, demand for relaxed clothing will continue to rise. His company is reworking strategy to adapt to these trends during the lockdown. It is working on yoga pants, comfortable footwear and kids wear.