Luxury titan Bernard Arnault on Friday confirmed that LVMH is already actively using blockchain for several of its luxury brands, as the French billionaire and high-tech fan presented the latest Innovation Award.
E-commerce giant Alibaba Group's quarterly revenue grew at its weakest pace since 2016, as the impact of a slowing Chinese economy and a crippling Sino-U.S. trade war kept buyers away during its top sale season.
Alibaba Group cashed a record 213.5 billion yuan ($30.7 billion or £23.8 billion) in sales on Sunday during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest-ever rate.
China’s Alibaba lowered its full-year sales forecast on Friday due to concerns about the economic impact of a U.S.-China trade spat, which the company expects will dent revenue ahead of its top sale season.
Swiss watchmaker Audemars Piguet is on track to hit 1 billion Swiss francs ($1.04 billion) in global sales this year, the firm’s chief executive said, amid a revival in luxury demand in China driving up watch sales.
As Alibaba's founders announce their investment in Rent the Runway and Kering plans to test a new subscription system, the luxury industry is preparing to respond to a new consumption mode that heralds a revolution.