business / news / / The New York Times
The Middle East had emerged as a vital source of growth for many upscale brands.
Zegna Group is shifting inventory from the Middle East to markets like London and Paris.
KEY POINTS
- Executives hope expatriates displaced from Gulf cities will continue luxury spending elsewhere.
- Tourism in Persian Gulf nations has slowed drastically, severely impacting local luxury sales.
- Recent investments by major luxury brands in Gulf retail and e-commerce are now at risk.
COMPANIES
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