Luxury fashion brand enlists controversial new partner [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
This slump is partly due to an unpredictable global economy and ever-evolving consumer habits, causing a softening in customer spending. The downturn is especially evident in the Chinese region, which used to be the top luxury consumer. Don't miss the move: SIGN UP for TheStreet's FREE Daily newsletter According to the latest report by The State of Fashion, the global growth rate of the luxury industry is predicted to be around 1-3% between 2024 and 2027, signaling that a full recovery of the industry won't be happening until at least two years from now. Related: Popular retailer flags major trend that could save luxury fashion However, luxury companies are doing everything possible to get their businesses back on track. Many are making multiple changes in their executive and creative teams to develop new strategies in hopes of successfully navigating this tumultuous time. On Mar. 12, The Kering-owned brand Gucci announced the appointment of Demna Gvasalia as the luxu
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