In a twist of Olympic proportions, European luxury retailers are making strategic moves, eyeing deep-pocketed tourists who might bypass Paris this summer to avoid the hustle and bustle of the Games. With the 2024 Summer Olympics set to dominate the City of Lights from July 26 to August 11, cities like London, Milan, and Barcelona are gearing up to capture the overflow.
“Paris will probably be slow,” according to Cartier CEO Cyril Vigneron, forecasting a shopper shift to other fashionable European destinations.
Past Olympic Games, such as the 2012 London spectacle, have shown a pattern: serious shoppers detour from the host city. This year, Cartier and Van Cleef & Arpels plan to cater to their affluent clientele wherever they may wander. LVMH, a heavyweight in the luxury world and an Olympic sponsor, echoes this sentiment. CFO Jean Jacques Guiony notes that while the Games complicate logistics, the overall impact on business tends to be neutral.
A recent Paris 2024 report hints at a “crowding out” effect, where typical tourists might seek solace elsewhere, though predicting this shift remains tricky. The fashion world, meanwhile, is already adapting. France’s fashion governing body has rescheduled the autumn 2024 haute couture shows to June 24, right after the menswear events, to dodge the Olympic mayhem. Italy’s National Fashion Chamber confirms some brands will showcase in Milan to sidestep Paris’s logistical chaos.
London’s luxury retailers, particularly Harrods and Selfridges, are poised to seize this opportunity. Harrods’ managing director Michael Ward is bullish about the expected influx, spurred by Chinese tour guides steering clear of Paris. Harrods plans to dazzle with exclusive Tiffany & Co. pieces, designer pop-ups, and special edition products, including anniversary teddy bears from Bulgari and Charlotte Tilbury. Selfridges, on the other hand, is gearing up with local and international sporting events, enhancing its sportswear offerings.
Barcelona, taking a different tack, is marketing itself as a serene refuge from Paris’s Olympic frenzy. AECOC, Spain’s retail and food industry association, touts the country’s relaxed vibe, appealing to tourists seeking a more leisurely experience.
Interestingly, U.S. tourists attending the Games are planning to extend their European jaunts. Data shows a surge in intra-European travel bookings to destinations like Spain, Germany, and Italy, riding on the coattails of their Olympic adventure.
As Paris braces for the Olympic spectacle, luxury retailers across Europe are poised, ready to welcome a wave of discerning shoppers seeking a slice of elegance away from the Olympic hustle.
(Source: Fast Company | Finimize | Reuters)
