Research
October 16, 2025
While many prestige titans are seeing prolonged skids, others are rising to the occasion. Image credit: Gucci/Anthony Seklaoui
By Zach James
High-end operators are being heavily impacted by macroeconomic factors this year, according to newly released findings.
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N2+iQAzVioIxwnH6CsLO6CP3mSB\/pfzHEr5+XtpbpJsd2m3Qvzyy+q9qVv359hCnLWerU7mNuDN0idXSkD6zGYiqbA8HMQnmB3OoUBJZ1qD2mxI+X\/rSsBI+ToVoeVUgtBmDmohiLOP8Kf2suYGgLbk7VDT4UpFbPx5RTsNaDiZFB+L72NH6nUCq\/rH+tGBVXry7+4mBf8DfF44m9DLc5+v\/THbYijlQhUHsu8beZoHspgbnNb9TA+kyWE87MioSk7iPRzGpf0yDP67X6kqYn8tkrJjjzUv5Vpo0xsrnsEtpJ\/J43G8mNaaYCFbXnNJK\/Aiut9YcJjsXN1zekWAexAC+jV1Fvgd2OjRTgvL3yjSDAhDCll9ba3AGcgAoLtqh+8tE60nxefZyg\/Dps7rk2XGe1ImMxwDN1r1n0E1xCh3kYjvW53GwDxkgwKdkbr1zZnHkZSt\/QsAxI7WvfzSBrd8IBAdDewS37aPqxrTuiXGYe8RsgwN6jRxgtdzyiiEs8xViMnOayeLGvRbRxv3PsEGDtkmn\/DsrG9Mh5nl1C6sW2axEy\/4RqRY2HhQQLdvTT\/lQVwL0pnH9VeqFx+PulM75fe5U3pu5YMKPlFHuMCSvcoaxvM3UucTaFtRweincjNNipm7q8m5ZvFhPGzsmgNerz24B2QlgxVjfzrbJ3i0QZZrDkCwnH6JDdi8cn0LmQWoD9vuG9BjD27xLPtpEc0CW4jy0WKzxwtYEukDoCtLFHbOjAf41biMvPjTiSgh76pJFUwPj+M+ICqMXqY\/mBj41sB2r+wP6DZf497NjQ+46eN\/rq4VAPigYG5BmZFBzig0sUwxc3lpfvg+47yF7bw5aIZRz+aEdShKX8vaNeDJtn14Qv0nCaT7G9M8uwkXRH7fxq0ORiKFuEirQmoIvLZDg9RGLiZ\/25c2t3YWN7UmyM1qIujlxLobrU5GHaApdYcNR\/C5VEX9YBNUDIlV+hFbbWvMl7caSbX7bC+DbJ1FIPrjhyw0Cr7Qi4tjUoMJ4h+Wfadwm4xXHJoullZ1+fCAtu9ZbPAb7TI645w6w7aRE2n\/UmfzWccVDK1Pbac2fkC4unEq+pD1orWpVB++ZhJDi4DYAmBSU2G1MDTO\/JXbSi4z4HHVVuHDyCwvKY5jElvSYx21NlDAN5+wQ9t3ZKVfdA8cKExd8ui7NwzTGU1uW8B+Nm8E21LCFSaaFiToEFJPb+Jv5i1Bi9tfAaSIT1xWvUxfOcI9KC40tDpw\/lutni5BtGNCzVuJ9uc3xLxghv5UY93F\/swonbwWwDrfeblzuPqbzvJzuyafwdlrMHFA9eSFo3Jh2eF+qA2REuWpxT3MvgiXUhuRqgVekcUyl7wJQ1dwxaxexJP2\/xmhik2Pk19CGmgiziXROVHNq9jAXCNeycrweS\/UVIXKVYB4Afs22tvBWi3VxAbRZCwrbf6J8LJi2IvjnKpslNo2RFLpLvwwwyKo1kFi1RTVuiFHbycjULzQQ6GqXuUbnpIS1pLBHGGm2BtVy6BgGvlmoAbwN9+mSeLE01WAEK7HXSwu2LEI45Es0JA907p3RwXBf1a+S1i0Avpshr9CmDcQaXLSe9sqFvx6BSzZWylDkxYliy9ktC23wUXgsNfQ9MNcjbk7Zkz\/5tR6Ug45\/dLoo2Awaea+aA+66VBRdM9HKqUwMPwRKG8yzL2ae7aSOanooX4SF4qsQ2qEvMnccnsXItxDY4y\/zUxD9BXvczCVWjyeT1fiNwCKEwMHhSnPdno1AKpbcNz7sPJA7qIC8LxeK9A2dW\/B+69UvscRrmkcjiimYaHfPkA3XoCOshH9cF8wvVbk1uIq7RPwOn\/TuDJpBqjPGlA7plVyZiTTd6+lFfazdf2OZ66YFOJkwVjvPc7cdv8B9dujwqFNlsMca3TpdJOs89c6w44Xf4dGVohMbSgPG2Qgq\/gPLTWWej+IBpNiOgC4zBO6JsmpVDhpSJQfbvjm4gZX4wkJ\/GjsJH5h6lt62BO5GJekDvLZrn19aio74qa6dUpPuSrg3pDFs4rd9+S3iUwWiRYZe42deHsTnsYqePxxjKfpZAjxxGIwJ+mpnrT\/E4VDBZggAVFG1h4y6vKBDYi2aAn84SoVvRY7WNNpJciq0jeo4YtZGsDj+EiX7B3NdppE4EqXUYBUSv\/m1J9C3ZMrqxWv973RXSiKosGCxWOnS3lpfb75Vbm6VYwK0N2\/MJaMggAziUoIpDfy8czTmoGwuY3RRH8OJmJjo+3BLp9wQsFu2jEH63jJxCZ4L87709veqvtM9B1fkVfl\/0vHt\/o1qhcQQ\/QGppG7NLF6qeACym9dO9NkbGzEIJ5M9m8tdBQvk+G3rWXNIX5EJpAvogsw5N34xgD6nytY6K5tz+U3fbLbjd3t7h5u5D\/iL9rwR9ZqX5If9\/Ec346bQ7h4FaQ00+z+soFLzAQtJ0NQtzrW8m746+P\/m+uDNuoN\/ZueEpsNmB9Oz58TnPwlnjvaQWonRKBQfi4+OegHUSJgetCihBxSMM1BBGQ1zL8AaYkeywcF884OpZyNd5xL0aa1yqYRcreH3xdtGwBaeDMHWyW\/706+7fTTViOkXwhE+5tl8KN9urP6cqCdAw9yCtO9SiJmCGAxNK6V2LvGFEH4Mqfa4quu6vqegxii9AhLUh2TGyNJdbSwxH5bzED3zGxNhxZoA9093W\/JO2Q9ICKoVkCz8EbCQdvq7Yr5gpEmOrbbUNuknR2rlIYvfYIEf3va7HqmMhrv+wWh6MBh1dUGZDNFL+SDwxPbrbeAUXUDWohTQLBhzOhRrl52iG0XlPTb9zzzw8QmPZJ\/f5hy4BQULglEFIzqKC7MA\/qhvsi2iiZw9eppROmrUhHr4u67DXCMmRDNQlWWsqL2lxm7a2yIOEg8ONOMV4gMJn49uOyKrgXa7HRf6KqEOHJe0PXbSL3Ir0Mkj1fnxUB1KYg\/WQu7T8bO6dofj\/jy1t2niI0SlRtd0ebKGRKHlok0RfRC+sYuUU1CZwtTLXd+AWKcnxlKzu5gMrvoVYok+DxtkhVvZJRe5CmE139Gh7XAQFTbJYWk+PcNcgR6ua\/8j+kVQgi5JwP74uVvyqGAjBVCEJzaLtIr5mdoFaorJ\/ZYYCxqR7CIjGkh40HNn0R0Ej+KS+4wUYGcUMBWpUZ+zA2u9qNk\/Ig6a\/fo+9h7RkOY+xsBOpLxScxsTXS7FxwfVak0SpDjmx5DvuxsgNcSJ7BtUyEZUMgTVFpXHeOWOwl23nQrKPiGaOaqHYQgHn41xSr19TDgXVw2oCOmFw7HhcqdLAkwGD5YSrBrrlrZXuyJ1N+hyh1iA8bWkL+V+wpYf7ro03vmxEdX1bo0k2FECcV8AF8ZJRBvKd624ivXuE5z9uMc\/0twkFhgsk3Htpwa3mtR7vKrzCs\/pUJ1y6f1bY+\/VmJiAbnmfN3dglaBcU5zZoJepdXfTGMUc3Qz5giYhIfkewTnRbyK+N3oYdzyw==","iv":"7d373c36185fce84dfb901f694643e7c","s":"9e81ad16712c75cb"}
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