Meanwhile, in Dubai, luxury remains strong:
Michael Burke has good reason to be in Dubai this week. As the ultra-wealthy in the US and the rest of the world tighten their belts, the CEO of luxury clothing giant Fendi is visiting his best customers. With the highest-end spending dwindling rapidly in the West, the GCC represents a key market for luxury retailers such as Fendi. “It’s not a crisis here,” said Michael Burke, CEO of Fendi. “We have a crisis in the US, especially in the department store. The Japanese department stores are struggling. But with the UAE it’s not a crisis.” “It’s our highest growth in the world,” added Philippe Fortunato, managing director of the Fendi Group. – from Zawya