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.
{"ct":"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","iv":"21cadc3a68e6e095e57ff5165044f818","s":"a5aa6ea05e352f4c"}
Share your thoughts. Click here