In the third quarter of 2024, the fashion industry shows mixed results, with a few successful companies standing out amid a general decline in sales. The most striking trends were the impressive growth of Miu Miu and a significant drop in Gucci's performance.

Текст Matt L.

Prada Group
The Prada Group has shown itself to be one of the most stable players in the market. In the first nine months of 2024, the company's net income grew by 18%. The result of Miu Miu, whose retail sales more than doubled, reaching 105% growth, is particularly telling. Retail sales of parent brand Prada also remained in positive territory, up 2% year-on-year.

Kering
The Kering Group, on the other hand, is experiencing significant difficulties. Overall sales are down 16% year-on-year. Gucci, despite changes in management and reorganization attempts, continues to lose ground with a 25% drop. Other brands of the group are not doing well either: Saint Laurent lost 12%, while brands such as Alexander McQueen, Balenciaga and Boucheron dropped 14%.

LVMH Group
LVMH suffered its first significant decline in revenues since the pandemic, falling by 19 billion euros for the first time since the pandemic, down 3% on last year. Fashion and leather goods sales fell by 5%, below analysts' forecasts. The only positive was a 2% growth in the perfumes, cosmetics and boutique retail sector.

Herm&egrave;s
Herm&egrave;s stands out from the crowd, demonstrating impressive growth. The company increased its annual figure by 14%, and in the Asian region the growth amounted to 7%. The brand plans to expand and open new boutiques despite the economic turbulence.

Hermès women's spring-summer 2025 show

Moncler Group
The Moncler Group also had a challenging period with an overall decline in performance of 3%. Moncler physical sales declined by 9% and Stone Island lost 19% in physical sales, despite a 28% increase in directly managed stores.

Moncler Grenoble | A Weekend in St. Moritz (Director’s Cut)

Despite market turbulence, the luxury industry demonstrates flexibility and the ability to adapt to changing conditions. Some brands are losing ground, while others are finding new growth strategies, which makes the market dynamic, unpredictable and exciting.

A review of luxury brands for the third quarter of 2024: between ups and downs

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