The Long View by Vogue Business: Can China bounce back as luxury’s growth driver?

Hermès may have defied the odds by posting stellar growth in China in the third quarter, but luxury brands saw contrasting fortunes. Vogue Business unpacks recent earnings and the outlook for the Chinese market.
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Photo: Yumeng Zheng

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After a 30 per cent drop in sales in the second quarter and a flattish third quarter for the luxury industry in China, is a solid recovery on the way for Q4? “It's tricky,” says Luca Solca, senior analyst for luxury at consultancy Bernstein. “It depends on whether we have more lockdowns or not. If not, we should see further improvements.”