Luxury retailers in European cities such as London, Milan, and Barcelona are preparing for an influx of affluent tourists this summer, as many are expected to avoid Paris due to the Olympic Games. The 2024 Summer Games, taking place fr om July 26 to August 11, are likely to deter some visitors from Paris, prompting brands like Cartier and Van Cleef & Arpels to shift their focus to other cities.
Cartier’s CEO, Cyril Vigneron, noted that Paris will likely see a decline in tourist traffic during the Olympics, with other major European cities benefiting instead. Similarly, Van Cleef & Arpels’ CEO, Nicolas Bos, mentioned that while their Paris stores will remain open, they anticipate less activity and have no plans for significant high-jewelry events during this period.
Olympic impact on logistics
Reflecting on the impact of previous Olympic Games in London and Beijing, LVMH’s Chief Financial Officer, Jean Jacques Guiony, stated that while these events were generally neutral in terms of business impact, they did present logistical challenges for product supply.
A recent report commissioned by Paris 2024 highlighted the potential “crowding out” effect, wh ere regular tourists might choose alternative destinations to avoid the Olympic crowds. This phenomenon, though difficult to measure, is anticipated by luxury retailers who are strategically positioning themselves in cities likely to attract these diverted tourists.
Adjustments in fashion schedules
In response to the anticipated disruptions, France’s Federation de la Haute Couture et de la Mode has rescheduled the autumn 2024 haute couture fashion shows to June 24, immediately following the menswear spring 2025 ready-to-wear events. Additional shuttle services are being arranged to mitigate traffic issues expected from the final Olympic preparations.
Moreover, some fashion brands are opting to hold their showroom presentations in Milan this season due to logistical challenges posed by the Olympics, as noted by Carlo Capasa, chairman of Italy’s National Fashion Chamber.
