LONDON, England – Last week, luxury goods makers such as Lamborghini, L’Oreal, Cerruti and Roberto Cavalli were among those at the Reuters Global Luxury and Fashion Summit to announce that they had seen an upswing in sales and expected 2011 to be one of their strongest years since the recession hit – the retailers say this is thanks to the input of fast growing countries such as China and a worldwide boost in consumer confidence. farfetch.com, which gives customers access to the best designer boutiques in one easy to shop website, is also reporting a surge in sales since the start of the year, the company says this shows that the dark days of the recession are coming to an end.
Paul Brine, spokesperson for farfetch.com, comments: “Consumers are finally beginning to feel confident about treating themselves to luxury goods again. At farfetch.com we have noticed that our own customers are starting to return to pre-recession purchasing habits and we have seen a recent surge in sales in items such as designer dresses, purses and jewellery.”
U.S. consultancy firm Bain has recently raised its 2011 growth forecast for sales of luxury products: it expects such sales to reach at least 185 billion euros in 2011 – up from 172 billion euros in 2010. Meanwhile, Roberto Cavalli, a fashion house known for its sumptuous animal prints and beautifully cut cocktail dresses, said they are predicting sales to surge by up to 30 per cent this year, thanks to a strong demand from Asia and growing markets abroad.
Brine comments: “Despite fears over Japan’s financial woes and debt worries in Europe, the fashion industry has gone from strength to strength in 2011. Mergers and acquisitions are returning to pre-recession levels, notably with the recent acquisition of Jimmy Choo by luxury goods group Labelux, which shows that investor confidence in the industry is also on the rise. As consumers turn their backs on the throw-away fashion of the high street and return to purchasing high quality luxury goods, such as men’s designer bags, we at farfetch.com are predicting an end to the austere days of the financial crisis.”