Reuters Global Luxury and Fashion Summit Launched at New York, London, Paris and Hong Kong

Reuters Global Luxury and Fashion Summit will see some of the world’s leading names in fashion and luxury goods and services coming together to discuss the outlook for the sector in a series of exclusives interviews between May23 to 25 at the Reuters’ bureaus in New York, London, Paris and Hong Kong. The summit is not conducted as a conference but closed on-the-record interview sessions. The stories, video and the coverage of the summit will be posted continually on the dedicated site for the Summit.

The Global Luxury Summit has become more relevant as the luxury goods market has rebounded very strongly after the 2009 dip in consumer spending due to the global recession. The momentum is being sustained this year and the leading consultancy Bain & Co. has revised its forecasts for the year upwards to 8% from 3 to 5%. The positive outlook means 2011 will be another record year for watchmakers, luxury hotels, fashion and leather goods groups. China has been driving this growth primarily. The US and Europe regions are also benefitting from the tourist inflows. The momentum seems to have taken the earth quake in Japan in its stride.

The somewhat unexpected growth has resulted in materials and staff shortages for the luxury industry. The Global Luxury and Fashion Summit will discuss these issues. The challenges of doing business in China will be another focus area. Brazil will be discussed as the next big emerging market and how to approach the market so that it becomes another engine of growth after China. New York will see top officials from companies like Saks, Starwood Hotels, Rent the Runway, Coach, Marriott and Coty. Paris will host founders and CEOs of L’Oreal, Lamborghini, Barbara Bui, Zadig & Voltaire and YOOX among others. The London and Hong Kong bureaus will also witness equally strong representation.

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