How tariffs are affecting luxury goods
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 21 April 2025
⏱️ 10 minutes
🧾️ Download transcript
Summary
Luxury goods were supposed to be making a comeback this year. But US President Donald Trump’s trade war has complicated that and things are looking grim for the industry. The FT’s fashion editor Lauren Indvik explains where things stand with LVMH, Prada and others.
Mentioned in this podcast:
Donald Trump’s trade war shatters hopes of 2025 luxury revival
The FT News Briefing is produced by Katya Kumcova, Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Andrew Georgiadis, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. Currently, we supply 27% of the UK's gas, |
| 0:07.0 | 15% of its oil, and we're playing our part in the UK's energy transition. In 2023, we invested |
| 0:14.1 | 20% of our global gross spend in renewables and lower carbon solutions. Today, our wind farms power |
| 0:20.0 | 750,000 homes, |
| 0:22.0 | and we expect this to grow to over 7 million UK households. |
| 0:25.7 | We're an energy company searching for better. |
| 0:28.2 | Equinore.co.uk. |
| 0:34.0 | Good morning from the Financial Times. |
| 0:36.1 | Today is Monday, April 21st, and this is your FT News Briefing. |
| 0:42.0 | I'm Misha Frankel-Douval, and today we're doing something a little bit different on the briefing. |
| 0:47.4 | We're going to be focusing on one big topic, the state of the luxury industry. |
| 0:53.1 | Things are looking pretty rough for the sector right now, |
| 0:56.2 | and to help us understand why we've invited the FTs fashion editor, Lauren Indvig. |
| 1:03.3 | So Lauren, let's start this conversation a few years back, maybe 2021, 2022. |
| 1:10.2 | Luxury goods were doing really well at that point. |
| 1:13.7 | Why was that? |
| 1:15.3 | 2020 was supposed to be, in 2021, |
| 1:17.6 | we're supposed to be disastrous years for luxury with the pandemic, |
| 1:20.8 | and people weren't supposed to be going and weren't going to stores, |
| 1:24.6 | which 95% of luxury goods are still sold in stores, not online. |
| 1:29.3 | And instead, people stayed home. A lot of people save money on their paychecks, and they |
| 1:34.2 | treated themselves to luxury goods. And then when things started opening up again, they went |
... |
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