In July, a few of the industry’s greatest players reported

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The democratisation of knowledge and shopper power through social media has performed a huge half on this. Platforms like TikTok and Reddit are crammed with conversations that problem the trade’s worth proposition, which has made it so much tougher for luxurious manufacturers to manage their narrative. Recent sales figures underline just how far demand for luxurious mega-brands has fallen from its post-pandemic highs. In July, a few of the industry’s greatest players reported disappointing revenues for the second consecutive quarter. LVMH, the world’s main luxurious conglomerate, missed sales estimates, whereas Gucci’s father or mother firm Kering, skilled a decline of 11%. Other major manufacturers like Richemont and Burberry additionally reported disappointing figures, with first-quarter sales plummeting by a staggering 20%.