During a year in luxury defined by a worldwide sales downturn, many brands leveraged powerful messages and immersive experiences to assert their relevance and reach.
According to the latest data from global consulting firm Bain & Co., the personal luxury goods market is currently worth upwards of $370 billion, down 2 percent year-on-year; only about a third of all luxury brands are expected to emerge with positive revenue growth, dropping from two-thirds in 2023.
Overall, while outlier booms across Japan and Southern Europe offered bright spots, challenging economic conditions and slowed spending from shoppers in established markets including the U.S. and China shaped the luxury business landscape last year, calling for innovation as well as expansion into emerging luxury regions such as India.
A number of players rose to the occasion, launching strategic efforts designed to captivate consumers, from French luxury conglomerate LVMH’s historic sponsorship of the Paris 2024 Olympics, to individual contributions from the likes of German automaker Mercedes-Benz, French jeweler Boucheron and Scottish whiskey maker The Macallan.
Some embraced localized storytelling as others pushed forward with bold collaborations to forge deeper connections with their audiences. The increased fusion of luxury branding at tentpole cultural events, from international design weeks and film festivals to Formula 1 races, underscored the sector’s continued evolution in the lifestyle space.
As the new year kicks off, Luxury Daily reflects on the campaigns and activations that resonated in 2024.
Going for gold In July 2023, LVMH announced its role as a premium partner of the 2024 Olympic and Paralympic Games, held in Paris. From lead-up activities to opening and closing ceremonies, multiple LVMH-owned brands were involved with the first-time sponsorship.
French jeweler Chaumet created the competition's gold, silver and bronze medals, becoming the first jeweler to design the awards (see story).
“This first-ever Olympic medal created by a jeweler is emblematic of LVMH’s role as creative partner of the Olympic and Paralympic Games Paris 2024,” said Antoine Arnault, overseer of image and environment and member of the board of directors at LVMH, in a statement.
“In a close creative dialogue between Paris 2024 and Chaumet, the artisans of the Maison delved into their archives and explored powerful symbols of Olympism to imagine a medal inspired by high jewelry creations,” Mr. Arnault said. “Building on its centuries of rich history, Chaumet is writing a new page that will remain engraved in the heritage of the maison for eternity.”
Italian footwear and leather goods brand Berluti designed uniforms for Team France.
Italian footwear and leather goods brand Berluti designed uniforms for Team France. Image credit: LVMH/ARR
The pieces were worn during the Paris 2024 Opening Ceremonies, showcasing Berluti’s heritage techniques and craftsmanship on the world stage (see story).
French fashion house Louis Vuitton constructed custom trunks for the competition's medalists and torchbearers (see story). The monogram canvas-covered boxes featuring brass fixtures were built to “protect, display and showcase” Olympic and Paralympic prizes and props.
Louis Vuitton constructed custom trunks to house the competition's medals and torches
The brand additionally enlisted a crew of French athletes, including professional rugby player Antoine Dupont and sprinter Timothée Adolphe, for brand ambassadorships. Swimmer Léon Marchand, gymnast Mélanie de Jesus dos Santos, fencer Enzo Lefort, cyclist Marie Patouillet and tennis player Pauline Déroulède (see story) also signed with the maison.
“Following the unveiling of the Olympic and Paralympic medals designed by the Maison Chaumet, LVMH is once again fully expressing its role as premium partner of the Olympic and Paralympic Games Paris 2024, and ‘Artisan of all Victories,’ this time with Louis Vuitton,” said Antoine Arnault, head of image and environment at LVMH, in a statement.
“Protecting the symbol of Paris 2024 – the torches – and the dreams of the greatest athletes – the medals – required the expertise of exceptional craftsmen,” Mr. Arnault said. “Louis Vuitton has put its 170 years of expertise in trunks design at the service of Paris 2024, to protect and present the medals, and to take the torches around the country.
Ahead of Paris 2024, the group announced its support for tennis player Pauline Déroulède. Image credit: LVMH
“It is a great source of pride today to unveil these original creations, which I’m sure will remain engraved in the history of the Group and the Olympic and Paralympic Games Paris 2024!”
Moët Hennessy division brands, including Moët & Chandon, Veuve Clicquot and Ruinart, invited guests to their respective headquarters, restaurants, tasting cellars and bars. Special edition bottles of the maisons’ cuvées bearing the French flag were released ahead of the Games. A digital gallery compiling all Paris 2024 memorabilia was launched last summer (see story).
Data from cloud technology platform Launchmetrics ties $12.9 billion in Media Impact Value (MIV) to Paris 2024, adding that LVMH-owned entities, including French fashion houses Dior and Louis Vuitton, dominated conversation (see story).
Antoine Arnault and Tony Estanguet pose with Olympic medals created by LVMH-owned French jeweler Chaumet. Image credit: LVMH/Philippe Servent 
Italian footwear and leather goods brand Berluti designed uniforms for Team France. Image credit: LVMH/ARR
Ahead of Paris 2024, the group announced its support for tennis player Pauline Déroulède. Image credit: LVMH
