For luxury brands it's goodbye history, hello HENRY…

Each year, Deloitte's Global Powers of Luxury Goods examines and lists the 100 largest luxury goods companies globally according to consolidated sales Chanel, which published its financial results for the first time in 2018, is straight in at sixth position, ahead of L'Oréal, Swatch Group, Chinese jewellery group Chow Tai Fook and PVH Corp which owns the Calvin Klein and Tommy Hilfiger brands.

Deloitte begins by describing a new consumer class which, it says, will likely be highly relevant to luxury brands in the future What is surprising, on the other hand, is the need for brands to reconsider the value of heritage and history Many luxury brands have existed for decades, centuries for some, and this longevity has always appeared to them as a sign of consistency, tradition and expertise.

Deloitte warns that "Long established luxury industry brands face a new reality Given the shift in the demographics of consumers across the globe, luxury brands that used to boast of their long history are finding it less effective The reality is that 'new' luxury consumers only care about the brands that have created value for them in the last 24 hours" When it comes to splashing the cash, history and heritage no longer hold the appeal they once did.

For brands to remain relevant, they need to focus less on their past and instead secure greater modernity, including when this means "Contaminating" their brand with new sources of creativity such as streetwear. . Source