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Article: Luxury is feeling chill of recession ; Some top-end stores in Knightsbridge and Sloane Street have slashed prices before Christmas as even the super-rich rein in their spendingANALYSIS
- Article from:
- The Evening Standard (London, England)
- Article date:
- December 11, 2008
- Author:
CopyrightCopyright 2008 Evening Standard - London. Provided by ProQuest LLC. (Hide copyright information)
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LUXURY has lost its lustre. As fashionistas become recessionistas
and their appetite for [pounds]10,000 python-skin handbags and
glitzy watches wanes, companies making and selling top-name brands
are anticipating a miserable Christmas.
"The third quarter has been much tougher and things have got even
worse in the last month." says Dennis Weber, a luxury goods analyst
at Dresdner Kleinwort. "We expect the downward trend to continue
into Christmas the key time for these brands with no letup in the
new year." Milton Pedraza, chief executive of industry research
group the Luxury Institute, concurs."I think we're going to see a
lot more pain through the holiday season," he says.
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