Research
February 8, 2023
The report details the decline of the luxury market within China, stressing the resiliency of digital business. Image courtesy of Bain & Company
By Emily Iris Degn
Amidst the economic and health crises happening in China, the country’s personal luxury goods have officially lost exponential momentum.
{"ct":"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","iv":"d000b59c25928489159f56dbe1b0fa25","s":"cad17c697d65dddd"}
Share your thoughts. Click here