5-10% rise predicted in luxury market
Bain expects positive first half for luxury business
International consultants Bain & Co say they expect a rise of between 5% and 10% in the world luxury products market in first half 2010 after a fall of 8% last year. Bain points to the positive results posted by LVMH in the first quarter, the end of de-stocking and the positive trends in the major American stores as the basis for its forecast. Overall, sales could grow by 4% in 2010 as a whole with 2% growth expected in the cosmetics sector, led by China (+15%), Asia Pacific excluding Japan (+10%), North America (+4%) and Europe (+3%).