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The rise in trade tensions between the European Union and China worries luxury brands who fear being the target of retaliatory measures. China is the world’s biggest spender in the luxury sector, accounting for half of global sales. But as its post-pandemic recovery falters, consumption has flagged.
For years, wealthy Chinese tourists had travelled to Europe to shop at its boutiques, but when the Covid-19 pandemic struck, the country introduced draconian restrictions that stopped them from.
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