Published on 30 Apr 2024 on Insider Monkey via Yahoo Finance
In this article, we discuss the top 11 luxury clothing stocks to invest in now. To skip the detailed analysis of the luxury goods industry, go directly to the Top 5 Luxury Clothing Stocks to Invest in Now.
Brand Affinity Guides Spending Behavior
In an interview with CNBC on March 7, the CEO of luxury retailer Neiman Marcus Group, Geoffroy van Raemdonck emphasized the importance of brand loyalty compared to the economic conditions for the luxury goods industry. In the interview, he said that 40% of the company’s revenue is generated by only 2% of its clientele and that the core wealthy luxury customer is still spending. Van Raemdonck added that while he cannot predict the future of luxury goods in 2024, he is still “cautiously optimistic” about the industry.