Luxury Firms Tackle Slowdown With Cheaper Accessories, Bain Says

Luxury brands are putting out more affordable and smaller accessories as they seek to generate store traffic to counter slowing demand, a new report shows.

The trend comes after companies faced a consumer backlash over steep price hikes in recent years. Up to a quarter of luxury brands are embracing this strategy to keep shoppers visiting their stores, according to Claudia D’Arpizio, a partner at Bain & Co., which issued the report Thursday.