š¼ US luxury market faces challenges
Major US luxury retailers, like Farfetch (-33%) and SSENSE (-44%), have seen sharp sales declines since 2021, driven by shifting consumer habits and weak 2023 holiday sales.
Saks Fifth Avenue and Neiman Marcus dominate the market, holding 30% and 20% of online sales, respectively. Both are exploring a potential merger to navigate slow post-pandemic luxury spending.
Mytheresa, despite a 6% sales drop since 2021, has outperformed peers and recently partnered with Mr Porter and Net-A-Porter, forming the 4th largest US luxury retailer, now controlling 10% of online sales.
Will a Saks-Neiman Marcus merger reshape US luxury retail?
