What is to become of luxury clothing, is what the industry is dying to know? With a major credit crisis in Europe and the US stock market floundering after the nation’s debt downgrade, luxury retailers are bracing themselves for a major loss in their devoted clientele.
To help ease the worry, yesterday Saks Inc. disclosed this month’s business trends as it reported quarterly results, noting that demand in recent weeks for expensive shoes and designer dresses has met expectations. Nevertheless, “severe market corrections or prolonged downturns have historically negatively affected us,” Saks CEO Steve Sadove warned investors. President of Ralph Lauren Roger Farah echoed this statement by saying that he was “concerned about macroeconomic uncertainty” as the holidays approach.
Source: NY Post