Luxury brand executives are gearing up for another challenging year
Luxury brand executives are gearing up for another challenging year, as the global luxury market is expected to continue its downturn. The bright side is that the Middle East luxury market is expected to grow a modest 2 percent this year, defying the worldwide slowdown.
Discussing survival tactics and growth strategies are therefore one of the key highlights of the forthcoming Leaders in Luxury Middle East schedule on November 2-5, 2009 at the Park Hyatt in Dubai. The predicted growth for the Middle East, based on the Luxury Goods Worldwide Market Study (7th Edition) recently released by Bain&Company, provides a glimmer of hope for luxury brands, and a reality check for a sector that has largely been perceived as insulated from the global economic crisis.
Philippe Charriol, President and CEO of Swiss-based luxury jeweller and watchmaker Philippe Charriol Group, believes the greater challenge to remain visible in each market and to grasp the opportunity to rebound as soon as the crisis evaporates. Commenting on the Middle East market opportunities, Charriol said, “The potential of Middle East for luxury brands is among the highest in the world and will remain so, as affluent customers have a lot of time, space and money to indulge themselves in luxury items.”
Attached is the complete press release and accompanying image for your use. I have also attached the list of speakers who will be attending the Leaders in Luxury Event for your reference.