Why Harrods Is Doing Better Than Before the Pandemic
With fewer Chinese tourists and no tax-free shopping, Managing Director Michael Ward says he’s focusing on the local shopper.
The Harrods luxury department store in London
Photographer: Hollie Adams/Getty Images
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The luxury industry is booming. Just look at the latest figures from LVMH and Hermes. Or as Harrods Managing Director Michael Ward says in this week’s episode of In the City, observe the foot traffic in his storied London department store.
While mid-market labels are feeling the squeeze, super-brands like Chanel and Dior are thriving, Ward explains. “The great thing about the luxury industry is it’s price insensitive,” he says. “The rich get richer, and that’s the world.”