Personal consumption makes up over two-thirds of U.S. GDP and it dropped even more precipitously, down 34.6 percent on an annualized basis. This quarter marks the economy’s worse since the government started calculating GDP over 70-odd years ago.
Bluntly put, Amazon is always one step behind Alibaba, and its new venture into the world of luxury continues this trend.
The Financial Times’ luxury lifestyle magazine, “How To Spend It,” has gained a new look that expands its coverage of how affluent consumers are spending their money with refreshed favorites and new features.
News from elsewhere – Emanuel Ungaro, a designer of “fantasy,” dies at 86; Is “uniform dressing” turning men into clones?; The people bringing us a sustainable Christmas; Once a hipster haven, Portland is welcoming a more affluent crowd in a luxury hotel and fine dining boom.
Today in luxury – Attention luxury companies, Chinese spending may be slowing down; Ferrari CEO races to build company’s brand; Singles Day sales for Alibaba top $38B, breaking last year’s record; Hearst Magazines staffers to form a union.
Today in luxury – Chanel bolsters specialty atelier division with 3 acquisitions; Jewelry maker Links of London enters administration, 350 jobs at risk; Tesla needs its battery maker. A culture clash threatens their relationship.; Modern Luxury shuts down print for another magazine duo.
Today in luxury – Nordstrom reaches pay parity across race and gender; Dean & DeLuca, Barneys and the fate of bohemian consumerism; Sellers of UK luxury homes forced to bargain amid Brexit woes; How do you make a $200K Bentley truly yours? Spend more.
Today in luxury – Luxury brands are taking over the street art scene; How do you re-energize a heritage luxury brand? Quickly and carefully; How Hearst makes it work; Daimler deepens ties with China in new deal.
Today in luxury – Oscar de la Renta readies international expansion effort; Michael Kors leans into Chinese Valentine’s Day with new ambassadors; Saint Laurent incident underlines environmental cost of fashion shows; Here’s how North Korea gets luxury goods despite sanctions.
Today in luxury – Donatella Versace has long been a gay icon. Now it’s official.; How to Spend It and earn it: Gillian de Bono on the FT title’s future; Investindustrial could increase Aston Martin stake; Luxury-jet market abuzz over possible bigger, faster Gulfstream.
