The global Luxury industry is in a slowdown, thanks to China’s weakening economy, instability in the Middle East and decreased tourism in Europe – meaning only 1 percent year-on-year real growth in May 2016.
But the face of Luxury Consumerism is changing as upstart brands show the way in terms of innovation and versatility.
Diamond Foundry – a start-up based in San Francisco – creates lab-grown diamonds that are atomically similar to those found in nature. Tech CEOS and actors from Hollywood have invested in the company. This start-up aims to provide an ethical alternative to mining diamonds, an industry that is often associated with negative environmental and social impacts.
Will innovation enable the luxury goods industry to adapt to a leaner economy?