The next few years will be “complicated” for the luxury industry because of a “trivialization” of the product, Frédéric Grangié, head of Chanel’s watch and jewelry division, told the Swiss daily Le Temps, as quoted by news agency AFP.

According to Grangié, the industry’s current woes were sparked by the slowdown in China, which some luxury brands have become overly dependent on, he said.

Grangié added that a factor he calls “luxury fatigue” could make the crisis last longer.

“There’s this feeling hitting mature markets in which customers are starting to ask what’s the point of this industry,” Grangié said. “Customers are tired of being bludgeoned by luxury.”

He noted that a solution would be greater creativity and looking toward the long term—which Chanel, as a private company, is able to do, he said.

(Photo from LinkedIn)

 

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