The luxury industry is at a critical juncture. After years of remarkable growth, the sector faces new challenges as we move into 2025. Macroeconomic headwinds and changing consumer dynamics demand a strategic shift. In our comprehensive ‘The State of Luxury’ report in partnership with The Business of Fashion, we highlight five strategic imperatives for luxury executives: conducting a strategic reset, restoring product excellence, rethinking client engagement, bridging the talent capability gap, and futureproofing the portfolio. Read more about our perspective on how to ensure continued success and growth in our detailed report. https://mck.co/3PKCQx3 #Luxury #FutureOfLuxury #LuxuryBrands
Kashi Ahmed
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1hMcKinsey & Company, - The luxury industry is at a turning point, where growth has slowed, and new challenges are pushing for change. - The need for a strategic reset is clear. Companies must adapt to shifting market conditions and changing customer expectations. - Restoring product excellence ensures that luxury brands stay true to their core—offering only the finest quality. - Connecting with customers in more meaningful ways is essential. Engagement must be personal and authentic to build long-term loyalty. - Bridging the talent gap is critical. Finding and nurturing the right people will drive innovation and sustain growth. - Futureproofing the portfolio is a key move—expanding offerings to meet future needs while maintaining brand integrity. - Luxury must not only reflect the desires of today but anticipate the needs of tomorrow. - This is a time for visionary leadership, bold decisions, and relentless adaptation. - Embracing these imperatives will ensure that luxury brands thrive in a rapidly evolving market. - With the right strategy, the luxury sector can not only weather the storm but come out stronger.