Luxurious vogue manufacturers reminiscent of Gucci, Saint Laurent and Louis Vuitton are utilizing social media to enchantment to millennial prospects to nice impact, based on a report.
The trade’s bigger firms are utilizing intelligent e-commerce and digital methods to draw youthful prospects, UBS mentioned in its European Luxurious report, revealed Tuesday.
This, it added, is contributing to polarization the place the massive names have gained market share over smaller manufacturers in the course of the previous 5 to 10 years.
“Our view is that the manufacturers profitable over new shoppers (notably millennials) are these gaining share,” the report acknowledged.
The Kering-owned Gucci is so profitable at attracting youthful prospects that 50 p.c of its gross sales are to millennials, whereas the determine for Saint Laurent (additionally a Kering model) is even bigger at 65 p.c.