A war thousands of kilometres away is quietly reshaping what — and how — the world’s richest shoppers are buying.
Europe’s 10 publicly-traded luxury firms have shed $176 billion in market value since the start of the year, according to Bloomberg data. Since the sector depends heavily on global travel and cross-border spending, the Middle East conflict is likely a key reason for the loss, which has dented tourism and delayed a recovery in high-end demand.
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