According to the Investopia Conference, the global market for luxury goods grew 21% to €1.3 trillion in 2022
Abu Dhabi – Asdaf News:
The panel discussion at the Investopia 2023 Conference, which ended today in Abu Dhabi, shed light on both the extraordinary and quick recovery of the world’s luxury sector as well as its goals for the future.
The session, “Global Luxury Brands: Key Trends and New Governance,” featured a number of business executives, including Patrick Chalhoub, CEO of the Chalhoub Group, and Matteo Lunelli, Chairman of Altagamma, who discussed the rise of e-commerce as well as potential future growth and investment opportunities.
Patrick Chalhoub emphasized how swiftly the fashion and cosmetics industry is developing globally and noted how he has observed the rise of his company and its affiliated brands in the region.
According to Matteo Lunelli, luxury brands significantly recovered from the epidemic, with their worldwide market growing by 21% to €1.3 trillion in sales by 2022.
Consumers of luxury goods, who are currently the focus of markets and are expected to total 500 million by 2030, are thought to number 400 million today.–WAM
