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Luxury sales are going through a rough patch. It’s tempting to think that something is broken with the sector’s price-value equation. But I have seen slowdowns more than a few times over the past 25 years, and from where I sit, my thesis is that what we are currently seeing is primarily a macroeconomic issue, with luxury fundamentals largely intact. This is not to say that some players don’t have homework to do — even big fish like LVMH. Equally, this is not to say that in the past…
