What to Watch: Restless Times: It’s Been a Year of Change and Uncertainty for Fashion

The changes sweeping through the fashion and luxury industry continued unabated in the first half — and they show no sign of slowing up, with even more M&A activity set for this year; business strategies from new chief executive officers seeking growth amid uneven demand, and designers eager to prove themselves in new jobs at Givenchy, Chloé, Lanvin, Jil Sander and other brands. The ongoing threat of terrorism in Europe, Brexit woes, currency fluctuations, department store wobbles and retailer bankruptcies may have put a damper on consumer sentiment and spooked brand leaders, there was still much to cheer: The Chinese consumer is back in action — at least for now — and buying more at home than abroad due to new government policies. According to UBS and Global Blue, tourist spend in June was up 9 percent worldwide year-over-year, with Chinese consumption climbing 15 percent in the month. Sales in mainland China continue to grow strongly, according to UBS. The watch industry has also begun to show signs of recovery after a tough run that saw sales and profits at the big manufacturers slide, and luxury giant Compagnie Financière Richemont buy back stock and, in some cases, melt it down. Both Kering’s and LVMH Moët Hennessy

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