{"id":18369,"date":"2025-04-09T18:14:56","date_gmt":"2025-04-09T18:14:56","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/luxury-fashion-brands-are-biting-their-nails-over-eu-tariffs\/"},"modified":"2025-04-09T18:14:56","modified_gmt":"2025-04-09T18:14:56","slug":"luxury-fashion-brands-are-biting-their-nails-over-eu-tariffs","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/luxury-fashion-brands-are-biting-their-nails-over-eu-tariffs\/","title":{"rendered":"Luxury Fashion Brands Are \u2018Biting Their Nails\u2019 Over EU Tariffs"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\"><em class=\"css-2fg4z9 e1gzwzxm0\">Follow live updates on <\/em><a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/live\/2025\/04\/08\/business\/trump-tariffs-china-stock-market\" title=\"\"><em class=\"css-2fg4z9 e1gzwzxm0\">Trump tariffs and the global markets<\/em><\/a><em class=\"css-2fg4z9 e1gzwzxm0\">.<\/em><\/p>\n<p class=\"css-at9mc1 evys1bk0\">A mere month ago, luxury businesses were looking forward to a new era of deregulation, lower taxes and a booming stock market \u2014 and dreaming of well-heeled buyers splurging on opulent ball gowns and statement watches.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Instead, as the Trump administration imposes 20 percent tariffs on products from the European Union, they are bracing for a different reality. One that may mean a U.S. market with fewer quilted Chanel bags, more expensive Rolexes and uncertainty about the price tags attached to \u201cMade in Italy,\u201d \u201cMade in France\u201d and \u201cMade in Switzerland\u201d for American consumers. The same consumers who, last year, were responsible for 24 percent of the total $1.62 trillion global luxury spend, according to <a class=\"css-yywogo\" href=\"https:\/\/www.bain.com\/globalassets\/noindex\/2025\/bain_report_luxury_in_transition_securing_future_growth.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Bain &amp; Company<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe U.S. was supposed to be the savior of the luxury goods industry,\u201d said Euan Rellie, co-founder of the investment bank BDA, which works in the fashion industry. \u201cThe Trump administration has said overnight, \u2018We\u2019re not going to play ball.\u2019 Luxury is in a very tough spot.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">It was already challenged, hurt by the slowdown of luxury sales in China, a recession in Germany and an aging Japanese population. Now, with the huge U.S. market facing uncertainty, no brands seemed in the mood to discuss how tariffs might affect their businesses or the prices of their products.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">A spokesman for LVMH, the largest luxury group in the world, with over 75 brands including Dior, Louis Vuitton and Fendi, declined to comment \u2014 even though the United States accounted for <a class=\"css-yywogo\" href=\"https:\/\/www.statista.com\/statistics\/245869\/revenue-share-of-the-lvmh-group-worldwide-by-geographic-region\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">25 percent<\/a> of the group\u2019s revenue in 2024, and Vuitton is the sole European luxury brand to have factories in the United States. (President Trump <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2019\/10\/18\/style\/trump-lvmh-texas.html\" title=\"\">cut the ribbon at a Vuitton factory<\/a> in Texas during his first term, and the LVMH chief executive, <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/21\/style\/trump-inaugural-ball-fashion.html\" title=\"\">Bernard Arnault<\/a>, attended the recent Trump inauguration with two of his children.)<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Burberry declined to comment, as did Chanel. There were no comments from Herm\u00e8s, Kering (owner of Gucci, Balenciaga and Saint Laurent, among other brands) and Puig (Carolina Herrera, Rabanne and Dries Van Noten). Coach and Tory Burch, too, preferred to stay mum.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Doug Hand, a fashion lawyer who works primarily with independent American brands that source their materials from overseas, described his clients as \u201cbiting their nails and pulling their hair out.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Andrew Rosen, an investor and adviser to independent American brands such as TWP, Veronica Beard and Alice &amp; Olivia, said, \u201cI don\u2019t even know what the cost of our merchandise will be next week.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Many luxury brands have big profit margins and can absorb some of the costs, or press their suppliers to reduce theirs, but analysts predicted that prices would go up \u2014 if tariffs stayed in place.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cMost people in their right mind are thinking they should just wait,\u201d said Luca Solca, a senior analyst covering luxury at the research firm Bernstein. \u201cThe volatility of U.S. policy in the last two months has been wild. The president might change his mind, or he might cut a deal with the E.U.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Certainly, no one is planning to build upscale apparel and leather-goods factories in the United States, one of the stated goals of the administration\u2019s tariff policy.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIn every single conversation I have had with clients over the last five to 10 days, not a single person was talking about building a factory in the U.S.,\u201d said William Susman, a managing director at the investment bank Cascadia Capital, who has worked with Victoria Beckham and Tommy Hilfiger.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Asked if he was considering such a move, Brunello Cucinelli, the founder of his namesake brand, said he had no such plans. \u201cMade in Italy is at the core of our identity,\u201d he said. \u201cOur company is Italian, and we will continue to be based in Italy.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In the 1950s and \u201960s, roughly 98 percent of the clothes in closets in the United States were made in America. Today, the total is around 2 percent. It would take years to rebuild a viable apparel industry, said Denise N. Green, an associate professor and the director of the Cornell University Fashion and Textile Collection. Even companies that make clothing in the United States do so with zippers and buttons from China, wools and leathers from Italy, and cashmeres from Mongolia.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">That is why, said Mr. Solca of Bernstein, if the 20 percent tariffs on goods from the European Union and 31 percent of goods from Switzerland go through, \u201cAmericans will pay a lot more.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">And that is why, said Mr. Rosen, \u201cthis isn\u2019t a tax on countries \u2014 it is a tax on American companies and American consumers.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Of course, if any consumer can absorb higher costs, it is the luxury consumer. Conventional wisdom has it that even in a downturn, luxury is resilient; the rich, while less rich, are still comfortable enough to indulge their tastes for expensive goods. In that sense, the prospects for luxury are better than those of mass-market brands that produce in Vietnam and Cambodia and have smaller profit margins while facing even higher tariffs. <\/p>\n<p class=\"css-at9mc1 evys1bk0\">Still, not all luxury consumers are the same, financially speaking. Achim Berg, the founder of Fashion Sights, a luxury industry think tank, said that about 70 percent of luxury buyers were \u201caffluent and aspirational customers,\u201d rather than the kind who didn\u2019t mind whether the price of a $750,000 Lamborghini went up by $100,000. Those customers, hit by both shrinking stock portfolios and fears of a recession, may opt against discretionary purchases such as handbags or diamond tennis bracelets.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">People buy indulgences when they are feeling confident and optimistic, and the general environment now, Mr. Berg said, is one of \u201cinsecurity.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Tariff-related costs would come on top of <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2023\/11\/07\/style\/luxury-fashion-brands-prices.html\" title=\"\">years of luxury price increases<\/a>. Chanel bags, for instance, more than doubled in price between 2016 and 2023. And that could contribute to an already \u201cnegative perception,\u201d of luxury brands, said Claudia D\u2019Arpizio, the global head of the fashion and luxury practice at Bain &amp; Company.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cThey were already in a moment where they needed to recover customer trust, so this is not going in the right direction,\u201d she said. \u201cThere is an overall negative feeling in society against products that are only for the superwealthy.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Even in a downturn, however, \u201cthere will be winners,\u201d said John Demsey, the former executive group president of Est\u00e9e Lauder.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Sellers of vintage designer goods could benefit from all the upheaval. \u201cI\u2019ll be watching the luxury handbag sales at Christie\u2019s and Sotheby\u2019s closely,\u201d Mr. Susman said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Jacek Kozubek, a vintage Rolex dealer, said one of his biggest partners in Japan, where many of his best pieces come from, flew to the United States last week with more than 400 watches, ahead of the anticipated tariffs. Mr. Kozubek bought 50 watches to the tune of $300,000.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Solca said it was possible that a <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2021\/08\/24\/fashion\/fashion-luxury-gray-market.html\" title=\"\">gray market<\/a> might develop in the United States, much like the Daigou system in China, in which individuals buy luxury goods abroad, sneak them into the country and then resell them for a profit.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">And there is one trend all the luxury analysts assume will re-emerge: \u201csilent luxury,\u201d the aesthetic of the 2008 recession, when consumers left stores with purchases in plain paper bags and visible logos fell out of favor.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cEven people who can still afford it might have luxury shame,\u201d Ms. D\u2019Arpizio said. \u201cThey might not want to be so show-off, wearing something that is instantly recognizable.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/04\/09\/style\/tariffs-eu-luxury-fashion.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Follow live updates on Trump tariffs and the global markets. A mere month ago, luxury businesses were looking forward to<\/p>\n","protected":false},"author":1,"featured_media":18370,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[239,4734,338,4608],"class_list":["post-18369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-customs-tariff","tag-fashion-and-apparel","tag-international-trade-and-world-market","tag-luxury-goods-and-services"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Luxury Fashion Brands Are \u2018Biting Their Nails\u2019 Over EU Tariffs - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/luxury-fashion-brands-are-biting-their-nails-over-eu-tariffs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Luxury Fashion Brands Are \u2018Biting Their Nails\u2019 Over EU Tariffs - World News\" \/>\n<meta property=\"og:description\" content=\"Follow live updates on Trump tariffs and the global markets. 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