Suzanne Kappner

Coming out of the pandemic,

Sales across the industry slowed around 2023.

You saw some of the biggest names like LVMH and Kering, which owns Gucci.

Sales were falling in negative territory for some of these brands for a while.

You still had players like Hermes putting up positive sales.

So there were bright spots.

But even like a Chanel, which was untouchable for years,

Their sales were hurt.

There's a couple of reasons for that.

One, people stocked up on luxury goods during the pandemic.

They didn't need to buy a lot of stuff in the years following.

But these brands also were raising prices at an unprecedented rate.

Luxury goods weren't worth the money anymore.

The quality was slipping.

The prices were going up.

And it turned off a lot of shoppers, especially those Gen Z customers who were new to buying these brands.

They thought it's just not worth the money.

I'd rather spend my money on something else.

There's been a rebound now.

LVMH, I think in their last quarter, sales were in positive territory again.