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Higher-income consumers aren’t immune to the current economic uncertainty, and luxury brands are paying the price. In its most recent survey of luxury customers, Saks Global found that even the most well-heeled are not very enthusiastic about spending right now.
To chase sales wherever it can find them, Saks Global – which encompasses Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman – earlier this year teamed up with Amazon to launch a luxury e-commerce site. This furthers an existing relationship, given Amazon’s investment, along with Authentic Brands Group and G-III Apparel Group, in the formation of Saks Global late last year.
Lara Ewen, senior editor at sister publication Fashion Dive, joins Retail Dive Senior Reporter Daphne Howland to discuss what this says about the state of luxury.
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Editor’s note: This episode was produced and edited by Caroline Jansen.