The world of luxury is expensive, rare, and highly sought-after, but it's also undergoing a tumultuous shift. China and Europe will play less of a role in the global expansion of the luxury industry going forward, with the sector forecast to grow a paltry 1-3% between 2024 and 2027, new research suggests.
The slowing global economy and sharp changes in consumer habits are hurting the bottom lines of luxury giants like Kering and LVMH, leading many to wonder; is luxury fashion doomed, or is this just a blip?
