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":"d6a439b2541f141514e4814b50577993","s":"b6896b098617df5a"}
Share your thoughts. Click here