The recession. It seems to be a hot topic on many people's minds, and, unfortunately, the damage it did withstands the efforts being put forward to end it.
Many businesses were forced to close or downsize due to the lack of sales profits, but some businesses were able to pull through. Those few lucky businesses may surprise you.
Labels like Louis Vuitton and Burberry were actually able to maintain-or even improve-their sales, by bringing back old classics to their stores.
Louis Vuitton, a 156 year old company, has done particularly well during this time of economic struggle. By viewing and selling products as "almost a piece of art," LV has been able to thrive over the last few years.
It strikes me as strange that luxury brands such as these have been able to bea the recession, while other inexpensive companies have crumbled.
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4 comments:
People want to feel nice during these times of recession so they spend money on expensive things. inexpensive companies make people feel chap I bet its only pride that has allowed these luxury companies to thrive
I feel like the people who could afford these luxury brands could still afford them even during the recession because they weren't the ones affected. I think this kind of connects to the poverty readings we had last week, it is people who are in the middle that are feeling the effects more than those on the bottom or top.
I agree with Dana. I think the fact that the luxury brands are still prospering while other businesses are not has to do more with their class of consumers than pride.
Like the articles we read in class, I still think that there are the small percentage of people at the top of economic ladder who still have thriving businesses.
people in the highest income brackets were/are the least effected by recessions. because of this, it makes sense that these luxury brands would "thrive" or at least stay in relatively good shape. however, i do find it interesting that these companies have stayed so successful by bringing back classics instead of producing something new.
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