Optical Prism October 2020 | Page 19

OPTICAL PRISM | ON THE COVER

The enduring allure of

LUXURY

By Denis Langlois
SF2192

In the earlier days of the COVID-19

pandemic , as governments mandated lockdowns , banned travel and forced businesses to temporarily shutter , experts warned that 2020 would be a difficult and potentially devastating year for the luxury goods industry .
Bain & Company , a leading advisor to the world ’ s luxury industry , says the global personal luxury goods market fell by about 25 per cent in the first quarter of the year and warned in its spring update that the pandemic could lead to a contraction of 20 to 35 per cent for 2020 .
While those industry forecasts seemed grim , it looks like the luxury eyewear industry has been able to weather the pandemic .
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OPTICAL PRISM | October 2020 17