Morning Brew Daily Luxury Brands Are Losing Their Luster & No Online Dating for Olympians?
Jul 25, 2024
Luxury brands like LVMH are feeling the pinch as sales slow due to changing consumer habits and inflation. Meanwhile, Olympic athletes face a surprising dating dry spell in the Olympic Village, thanks to app restrictions. A tech mishap from CrowdStrike leads to an amusing apology in the form of gift cards. The discussion also touches on record global temperatures, Cuba's demographic issues, and a remarkable discovery of oxygen at the ocean's depths, raising eyebrows about deep-sea mining's effects.
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Luxury Brands Struggle
- LVMH, owner of Louis Vuitton and Dior, experienced its slowest sales growth since 2009, only increasing by 1%.
- This slowdown is attributed to decreased luxury spending in Asia and among the middle class in the US.
Champagne Sales Decline
- LVMH's champagne sales have dropped 15% in the first half of the year.
- The CFO attributes this decline to a decrease in celebratory occasions due to the current global economic climate.
Grindr Blocks Olympic Village
- Grindr blocked users from changing location settings to the Olympic Village in Paris.
- This decision protects athletes' privacy, especially those from countries criminalizing homosexuality.