In 2019, the world’s 10 largest luxury companies, led by LVMH and Kering, increased their share of industry revenue, accounting for 51 per cent of all sales by the top 100 companies. New York is losing traction economically, partly because of the US-China trade war, says IFDAQ co-CEO Daryl de Jorí. “The competition with London was fierce, but now that London is out, Paris is going to be the de facto economic capital of the EU,” he says. Paris is likely to reap the benefits of Brexit, including faster European Union integration and less competition from London, according to Frédéric Godart, co-CEO of IFDAQ and associate professor of organisational behaviour at INSEAD. These factors take into account infrastructure, GDP, brand presence, wealth, consumption power and creative power. IFDAQ Global Cities Consumer IPX (Index), exclusive to Vogue Business, evaluates global cities according to four dynamic-weighted key factors, including general economy, fashion economic performance, market capitalisation and industry influence. The likelihood is that London will rise to third place, surpassing Milan, the research says. Paris is expected to overtake New York to become the number one city for relevance and potential in the global fashion industry by 2025, according to IFDAQ Global Cities Consumer IPX (Index).
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