The luxury fashion industry, once driven by status and desire, is facing one of its deepest crises. As consumer confidence declines and revenues giants like LVMH and Kering continue to fall, the sector must confront not only economic downturn but also growing scrutiny over labor practices and value for money.
Status, self-confidence and desire are some of the main driving forces that lead many consumers to believe they can’t live without designer clothes. Especially in the era of social media, where ostentation is an everyday occurrence, the attention to…
