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It’s a tough time to be running a luxury brand.
The industry is facing its steepest sales decline since the 2008 financial crisis, aside from the sharp shock brought on by the pandemic. Executives at major brands point to slowdowns in major economies, volatile financial markets, trade wars and actual wars, all of which together have dampened the consumer confidence and the “feel good” factor on which the luxury industry depends.
HSBC luxury analyst Erwan Rambourg doesn’t buy it.
“If…
