Among its five main business divisions, fashion and leather goods — the largest — saw revenue fall 8%. Selective retailing was flat year on year. Watches and jewelry declined 1% in reported terms but rose 3% organically, while perfumes and cosmetics, and wines and spirits, fell 3% and 9%, respectively.
Inflation has also increased living expenses across the board, from egg prices shooting up over 60% over 2025, to a home-buyer market paralyzed by soaring property costs. Middle-class earners can’t cover the basics anymore, as 65% of those households say their incomes were falling behind the cost of living, according to a 2024 survey from Primerica.
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