THE LUXURY SECTOR FORCED TO REINVENT ITSELF

PART 1

1. TRANSLATION

THE LUXURY SECTOR FORCED TO REINVENT ITSELF

The assessment is incontrovertible. “Luxury sector is going wrong”, according to HSBC analyst based in Hong Kong, Erwan Rambourg, coresponsable, with Antoine Belge, of the luxury industry sector. How can we explain this braking after several years of profusion ? Invoking/ Appeal to the anti-corruption campaign started in 2012 in China no longer makes (no longer) sense to Erwan Rambourg. “Its tangible consequences until mid-2015 are behind us" , he considers.

And explain moroseness of the sector rather (by) a convergence of psychological factors. “Buy luxury product is not rational, except if the customer feels good/well”, he says. Well, when markets of asia fell down last summer, add to terrorism attack.

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The observation / analysis / account is definitive -- “Luxury is not doing well / is in a bad state/ is sink”, according to the Hong Kong - based HSBC analyst Erwan Rambourg, who is in charge of the luxury sector industry together with Antoine Belge. After years of opulence, how can such a slow down be explained. Refering to the anti-corruption campaign started in China in 2012 makes nonsense  nowadays in the eyes / according to  Erwan Rambourg.

II. ORAL COMPREHENSION 

Listen 3 times

Notes :

• Fashion Week end
• Paris, NY, London, Milan
• family brands
• 18 years (fashion director in america)
• American customers
• 2 billions of $ / years  (america)
• european doing business
• Niche business, niche clientel
• 80’s began
• LV (2 stores NICE et PARIS), Dior (fashion)
• great ambition to be corporate
• attractive investment (french developer)
• luxury industry
• bought all group, focus on dior, think global (DIOR)
• LVMH : more than 50 luxury brands, improving brand
• MBA learned, business technic
• Money, power, god think
• people did buy a lot (economic power),
• designer drop out, keep up
• Alexander Mcqueen (london)

Resume :

This audio is a news report about the luxury industry.

Luxury industry increased years by years since the 80’s, it was a niche business for a niche clientele. Family brands like DIOR, Louis Vuitton (two stores: one in Nice and the other in Paris), Alexander McQueen and all the group LVMH (that represents more than fifty luxury brands), a lot of Brands are coming from Europe thanks to attractive investment (publicity), power, money… It represents two billion of dollars per years in America. There are some well-known Fashion Week-end around the world like in New-York, Paris, London and Milan which enable Fashion developers to show their luxury products to the public.

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