Turbulence in High-End Fashion: Billionaires See $24 Billion Erosion in Net Worth

The fortunes of luxury goods magnates have taken a $24 billion hit this year as global demand weakens. The wealth decline affects a select group whose assets stem from high-end brands and products. This downturn, amounting to a 5% reduction, starkly contrasts with a 13% increase enjoyed by others on Bloomberg’s Billionaires Index. Bernard Arnault, […]