Global market for luxury products has grown at a pace of 15% for a year, outperforming mainstream apparel sectors.
But, during the past few months, the market experienced shrinkage of 10% during the first two quarters of 2009 due to economic crisis.
There was a shift in the shopping trends of the consumers making them to move towards private labels and cheaper brands.
Industry analysts predict that sales of luxury products will have a sluggish growth in 2009, and will revive by the end of 2010.
Industry analysts also predict that sales in the segment will further increase by 4% by 2011, and ultimately recover completely in 2012.
Companies need to adopt new strategies, and opt for cost cutting tactics, and attempt to develop a premium shopping experience.
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Fibre2fashion News Desk - India
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