Luxury Products Surge in Emerging Markets: PPR CEO
Emerging market consumers will buy some 65 percent of luxury goods in the next decade, the PPR CEO and Chairman Francois-Henri Pinault told CNBC Monday.
“It’s the same case as it was 15 years ago between the America and Japan,” said Pinault, whose privately held conglomerate owns Yves St. Laurent, Sergio Rossi, Alexander McQueen, Boucheron, Stella McCartney and recently took a 70 percent stake in Puma.
PPR has 73,000 employees in 50 countries.
Pinault said at one time then, the Japanese purchased 50 percent of luxury brands.
This year, the company has reported 13 percent in total revenues coming from the US. About 80 percent of growth came from emerging markets, said Pinault.