Agence France-PresseMay 16, 2013 16:31
The global luxury market will grow by a relatively modest 4-5 percent in turnover this year compared to the 10 percent expansion seen in 2012, a study released on Thursday by research consultancies Bain & Company and Fondazione Altagamma showed.
"We are seeing a more even distribution of global growth," said Claudia D'Arpizio, a Bain partner in Milan and lead author of the study.
"In turn, brands are refocusing from short term, reactive hot spot thinking to long-term sustained growth strategies," she said.
Turnover reached 212 billion euros ($273 billion) in 2012.