Chairman Patrick Chalhoub: "I am not at all worried about luxury industry"
The Chalhoub Group contributes to the success of luxury brands through joint ventures and distribution agreements. Although diverse luxury fashion houses recently saw their sales and profits decline, chairman and former chief executive officer Patrick Chalhoub sees no reason to worry about the luxury industry.
Chalhoub was interviewed at the World Retail Congress in London about his time with the group. The conversation began with his victories, but quickly turned to the state of the luxury industry at the moment. 'I am not worried at all,' Chalhoub said confidently. 'Luxury is a necessity for a human being. It helps us to strive and it brings pleasure.'
The chairman quickly provides the context that the luxury market and the fashion industry in general has always had ups and downs. 'Look at the pandemic, for example. Soon there was revenge buying.' Chalhoub is referring to the fact that after the initial caution of consumers when the pandemic started, there was indeed a catch-up when the shops reopened.
'A period in which one has to adapt, that can certainly happen.' However, he warns that one should not make crazy leaps like a cornered cat too quickly. 'Don't be tempted to betray your values because you are afraid.'
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