Luxury brands have begun lowering their prices to win back middle-income shoppers. As The Wall Street Journal (WSJ) reported Sunday (July 21), this move — by companies such as Burberry and Yves Saint Laurent — is aimed at enticing the 330 million people who spend...
With the high cost of maintaining a luxury brand, key players are making major decisions, changing the way they operate to navigate the current challenging economic climate. Luxury brand Burberry, for instance, is gearing up to cut hundreds of jobs amid ongoing financial challenges, per...
Luxury brands in China are reportedly resorting to “unprecedented” discounts to sell unsold inventory and entice cautious Chinese consumers. The price cuts reflect growing concerns over a slowdown in spending among local shoppers, Bloomberg reported Friday (June 14). Balenciaga, a part of French luxury conglomerate...
Inflation-pressured consumers tend to cut back on their luxury purchases. At least, that’s what PYMNTS Intelligence data has found. However, the demand for Richemont’s jewelry brands like Cartier and Van Cleef tells a different story, with the company experiencing a bump during the most recent...
February 02, 2026
Consumer spending among millennials and Generation Z is not merely holding up. It’s underwriting earnings growth across financial services and retail, while pulling daily financial life deeper into mobile channels. Gen Z is “digital by default,” as PYMNTS CEO Karen Webster wrote in August. This cohort compresses shopping, payments, saving and entertainment into a single, […]
July 21, 2024
Luxury brands have begun lowering their prices to win back middle-income shoppers. As The Wall Street Journal (WSJ) reported Sunday (July 21), this move — by companies such as Burberry and Yves Saint Laurent — is aimed at enticing the 330 million people who spend less than $2,180 per year on high-end clothing, handbags and […]
June 14, 2024
Luxury brands in China are reportedly resorting to “unprecedented” discounts to sell unsold inventory and entice cautious Chinese consumers. The price cuts reflect growing concerns over a slowdown in spending...
August 07, 2023
Private equity firm SKKY Partners has added former Apple Retail executive Angela Ahrendts as senior operating adviser. Ahrendts will work with SKKY Partners founders Kim Kardashian and Jay Sammons and the team to identify and evaluate...
January 18, 2023
After a COVID-inspired sales drop, luxury brands Burberry and Richemont see hope in China’s reopening. The country last week lifted some of its pandemic restrictions, offering a balm to retailers...