European Luxury Industry Reverses Decline And Creates 200 Thousand Jobs

2014 for

The industry is almost a cloud year. The performance of traditional luxury brands such as Louis Vuitton, Gucci and Prada has continued to decline. The performance of several brands of Richemont group has also declined in China.

Facing the slowdown of China's economic growth, all over the country

Europe's luxury industry is facing difficulties, but according to a report released recently by the European Federation of cultural and creative industries, the value of goods and services produced by the luxury goods industry has increased by 28%, creating nearly 200 thousand jobs in 2010 and 2013.

In addition, the European Parliament and European Union leaders are commended for their contribution to the European economy.

The European Federation of cultural and creative industries (ECCIA) is made up of five countries.

The luxury association consists of the British luxury goods organization Walpole, the Italy Luxury Association's Altagamma foundation and the French Comit Colbert boutique Association.

ECCIA's report by Frontier Economics shows that the sales department in 2013 valued at 547 billion euros (equivalent to 672 billion US dollars) and exported 308 billion euros (equivalent to US $378 billion).

In 2013, luxury goods accounted for 40% of the EU's gross domestic product (GDP).

The report says that if the EU luxury industry represents a country as a whole, it will be the seventh largest economy in the European Union and the twentieth largest economy in the world.

Responsible for the EU's internal market, industry, entrepreneurship and small and medium enterprises Committee member Elbieta Bie kowska said, "high-end cultural and creative industries have shown that European enterprises with non repositioning products can continue to promote economic growth and employment in our region.

We look forward to continuing our cooperation and strengthening our support for these industries. "

Michael Ward, managing director of Harold Harrods department store in the United Kingdom and President of ECCIA, said the luxury industry in the region is "European Silicon Valley, a synonym for innovation."

ECCIA first reported and recognized the European luxury industry model in 2012. The latest report also takes into account the impact of the halo effect in the luxury industry on tourism industry, suppliers and manufacturers.

It also emphasizes the importance of protecting intellectual property rights and consumers' online interests.