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The luxury goods industry is poised to recover over the next three years after a heavy blow from the Covid-19 crisis, according to consultancy firm Bain & Company.
Lockdowns and travel restrictions essentially changed the way luxury goods are sold and purchased, paving the way for a fundamental shift in the luxury sector, revealed the 19th edition of the Bain & Company Luxury Study.
“The turmoil of Covid-19 has been the catalyst for change for the luxury industry, which is on a path to recovery by 2022 to 2023,” the study said. “Consumer demand for action with purpose and social impact is...
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