Luxury fortunes lose $58 billion as pandemic era splurge ends
Briefly

"We are implementing a radical transformation at Gucci in a suboptimal environment, which affects the pace of our execution and adds to the pain we endure in the near-term," said Kering CFO Armelle Poulou.
The decline in fortunes for France's luxury billionaires arises as demand for high-end goods diminishes, particularly in crucial markets like China, where consumer behavior is shifting.
Read at Fortune Europe
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