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":"f30ab744a36ddecce0f8ef8c6fccaffa","s":"6b0887f066ed91f1"}
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