A panel discussion at the Investopia 2023 Conference that concluded yesterday (March 3) in Abu Dhabi cast light on the global luxury market’s rapid and remarkable recovery, as well as its future aspirations.
A number of business leaders attended the session, titled “Global Luxury Brands: Key Trends and New Governance” including Patrick Chalhoub – CEO – Chalhoub Group, and Altagamma Chairman, Matteo Lunelli, who focused on the rise of e-commerce as well as future growth and investment prospects.
Patrick Chalhoub said that he has seen the growth of his business and its associated brands in the region and emphasised on how quickly the fashion and cosmetics industry is advancing globally. Matteo Lunelli noted that luxury brands recovered considerably after the epidemic, with its global market surging 21% to €1.3 trillion ($1.4 trillion) in sale by 2022.
Markets are currently shifting toward consumers of luxury products around the world, who are estimated to number 400 million people and projected to increase to 500 million people by 2030, he added.