Mexico is putting on a brave face as the United States' financial crisis and global economic difficulties challenge is beauty industry in both the mass and luxury markets.
“It used to be like El Dorado, but now we are living in difficult times,” says Jean-Marie Le Roy, sighing as he speaks. The director general for Clarins Mexico is not the only beauty industry executive who’s worried. The U.S. is Mexico’s most important trade and investment partner, and the business cycles of the two countries are intimately contagion from the U.S. downturn than most. Consumer confidence started to slip south of the border last year, plummeting 15.9 percent to 88.6 points in September compared with the same period in 2007, according to Mexico’s National Statistics Agency (INEGI).
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)