Chanel predicted a worsening situation in the fashion world

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MOSCOW, December 9The situation in the fashion world will worsen amid the global economic downturn: record inflation in the US and Europe, as well as youth unemployment in China, are negatively impacting sales, said Bruno Pavlovsky, president of Chanel's fashion division.
“Luxury goods are not immune to the economy… I don’t have a crystal ball, but the situation will be tougher than what we saw in 2023,” the Financial Times quotes Pavlovsky as saying.
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Major buyers are still spending money on the brand, but high inflation in the US and Europe, as well as rising unemployment among Chinese youth, are negatively impacting sales, he explained.

Pavlovsky suggested that next year prices for brand products will continue to rise, but added that they will correspond to inflation rates.
“We don’t want to destroy anyone’s connection with the brand,” he emphasized.