The Chalhoub Group contributes to the success of luxury brands through joint ventures and sales agreements. Although various luxury fashion houses recently recorded sales and profit declines, Patrick Chalhoub, President and former CEO of the group, sees no reason to worry about the industry.
As part of the World Retail Congress in London, Chalhoub spoke about his experience at the head of the family business. The conversation began with a review of his previous successes, but quickly became the focus on the current situation of the luxury industry. “I’m not worried,” Chalhoub said with confidence. “Luxury is a necessity for people. He helps us to strive and he gives joy.”
He ordered the situation and pointed out that the luxury market and the fashion industry had always been shaped by fluctuations. “Look at the pandemic, for example. Revenge Buying“, Chalhoub recalled the phase, in the consumer: Inside, after initial restraint, luxury products grabbed again than the business opened.
“A phase in which you have to adapt can certainly exist,” the president admitted. At the same time, however, he warned that he panic: “It does not come into temptation to deny your values because you are afraid.”
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