France this week unveiled its biggest program ever to support the growth and development of the arts and crafts on which so many of the country’s prestigious fashion and luxury brands depend. The €340 million three-year initiative marks the first time Paris commits to financing and promoting a wide array of artisanal professions suffering from chronic staff shortages and weakened by higher raw material and energy prices.
Despite geopolitical tensions, rampant inflation and higher interest rates, demand for fashion and luxury goods has remained strong since the beginning of the year. The re-opening of China has helped make up for sluggish trading in North America while tourist shopping in Europe is keeping sales levels high, first-quarter results from major luxury groups showed.
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