Latest news with #JennieSathalet
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
Chanel, Armani, Tiffany's: What's killing ‘big logo' luxury brands?
Every Saturday for the past eight years, husband-and-wife duo Lamme and Jennie Sathalet have set up their second-hand designer clothing stall at Sydney's Glebe Markets. Three years ago, they began adding handbags to the mix. 'We started with just one rack,' Lamme said. Now, third-party authenticated handbags have a prized place in the centre of their busy stall, where they can sell more than 20 vintage Coach or Louis Vuitton bags from $200 to upwards of $1000 on a single weekend. 'It's getting more and more popular,' Lamme said. Some teenage girls come with their parents, who buy them their first designer bag. 'If they have three kids, they buy for three.' The Sathalets' busy stall is a stark departure from what's happening at the big end of town. Some traditional 'big logo' luxury brands are battling declining profits and popularity among Australian shoppers who are making fewer in-store purchases and favouring more affordable options at resellers. Fashion houses Chanel, Tiffany & Co and Giorgio Armani recorded declines among their Australian sales and profits in 2024, while Hermes and Prada have found ways to sharpen their competitive edge, according to recent financial reports filed to the corporate regulator. Australia is no exception to global trends affecting a fall in the luxury market as it experiences its toughest slowdown since the global financial crisis, says the director of RetailOasis consultancy Trent Rigby. Growth in the global luxury market in the years ahead is expected to slow to 1-3 per cent, from 5 per cent between 2019 and 2023, when luxury giants' profits tripled, a 2025 McKinsey report has found.
The Age
4 days ago
- Business
- The Age
Chanel, Armani, Tiffany's: What's killing ‘big logo' luxury brands?
Every Saturday for the past eight years, husband-and-wife duo Lamme and Jennie Sathalet have set up their second-hand designer clothing stall at Sydney's Glebe Markets. Three years ago, they began adding handbags to the mix. 'We started with just one rack,' Lamme said. Now, third-party authenticated handbags have a prized place in the centre of their busy stall, where they can sell more than 20 vintage Coach or Louis Vuitton bags from $200 to upwards of $1000 on a single weekend. 'It's getting more and more popular,' Lamme said. Some teenage girls come with their parents, who buy them their first designer bag. 'If they have three kids, they buy for three.' The Sathalets' busy stall is a stark departure from what's happening at the big end of town. Some traditional 'big logo' luxury brands are battling declining profits and popularity among Australian shoppers who are making fewer in-store purchases and favouring more affordable options at resellers. Fashion houses Chanel, Tiffany & Co and Giorgio Armani recorded declines among their Australian sales and profits in 2024, while Hermes and Prada have found ways to sharpen their competitive edge, according to recent financial reports filed to the corporate regulator. Australia is no exception to global trends affecting a fall in the luxury market as it experiences its toughest slowdown since the global financial crisis, says the director of RetailOasis consultancy Trent Rigby. Growth in the global luxury market in the years ahead is expected to slow to 1-3 per cent, from 5 per cent between 2019 and 2023, when luxury giants' profits tripled, a 2025 McKinsey report has found.
