Research
January 30, 2026
Valentino's VLogo print takes center stage in a Lunar New Year campaign. Image credit: Valentino
By Amirah Keaton
Mainland China’s personal luxury goods market contracted 3-5 percent in 2025, according to global consulting firm Bain & Company.
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","iv":"f06ed428108bf3941cd64416c8812f3b","s":"ddf3cf8d53752ebb"}
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