Altagamma publishes its first Charter of Luxury Values

The concept of luxury is changing and, despite the uncertainties of the current situation, the sector continues to grow with sustainability at its core. It is therefore not surprising that Altagamma, the foundation created in Italy in 1992 to bring together the best companies in the High Cultural and Creative Industry of Made in Italy - a sector that represents 126 billion euros for the country and nearly two million jobs - decided to publish its first Charter of Values at the end of May, a document that was also handed over to the President of the Italian Republic, Sergio Mattarella.

The developments presented at the end of June by the Altagamma Bain Monitor on the global luxury personal goods markets underline that in the first quarter of 2022 the United States and Europe, also known as the mature markets, are confirmed as the pillars of the sector. Europe has accelerated its recovery and is expected to reach 2019 levels a year early. The US is experiencing unprecedented growth, and brands are investing in themes such as diversity and inclusion. In Asia, the situation is different: China is experiencing a slowdown and Japan is having a slow season due to Covid and the absence of tourists. Two scenarios are therefore possible for 2022: the most optimistic one predicts a growth pattern of between 320 and 330 billion euros in revenues. The more conservative one shows a lower variation of 305-320 billion euros, growing by 5-15% compared to 2021. As for product categories, the best performance is expected from jewellery with +9%, followed by leather goods and shoes, then clothing and cosmetics at +7%. In the beauty sector, Davide Bollati, president of the Davines Group - the only Italian beauty company present in Altagamma, which in 2021 achieved a turnover of 192 million, growing by 23% in this year 2022 confirms: "Usually, beauty grows by one point more than the world GDP, but I think that this year there could be a growth of 3 points, also because of the desire for self-gratification typical of difficult times".

To talk about this, Altagamma president Matteo Lunelli, also chairman and CEO of Ferrai Trento, details the chart in an exclusive interview with Luxury Tribune.

Let's start with the luxury sector, which Altagamma has been following for the past thirty years. How is it evolving?