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Louis Vuitton, the century-previous French retailer at the prime of the LVMH Moet Hennessy conglomerate of luxurious brands, was paying an estimated HK$5 million (US$642,000) in month-to-month lease at its Times Square department earlier than deciding to close its outlet on the planet's most costly main avenue, in keeping with business consultants.

Anthony Chalhoub, Co-CEO Chalhoub Group, commented: Understanding the fashionable day wants of customers in the GCC and being able to sustain with the altering magnificence landscape is key for international and indie brands to begin constructing a loyal buyer base. It is important that we research all aspects of the changing magnificence panorama, together with how social media influencers are connecting with folks within the area, while adapting our methods to meet the demands of this fast-paced market.

This white paper is the seventh by the Chalhoub Group. This yr, we determined to provide a guide to in the present day's market, supply a glimpse of what the Gulf's luxury tourism sector appears like and share insights on how to adapt with the altering luxury ecosystem.