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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","iv":"22b6b54419caa2ae59238e65bdba3c10","s":"260958f9033a186a"}
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