Slammed by the global economic crisis, the high-flying luxury sector lostaltitude in 2009, shedding billions insales, forcing bankruptcy filings andlayoffs galore and ushering in a new set of rules with the word “value” inscribedat the top.
Roughly 14 billion euros, or $20.78 billion at current exchange rates, in luxury sales evaporated this year, according to Bain & Co. estimates, as high-end consumers kept their pocketbooks shut and the term “luxury shame” entered the popular lexicon. Any splurges likely took place at home in front of a computer — keeping online sales humming — or goods were toted home in plain brown bags.
"I love to fight and I got into a lot of trouble, so instead, I thought I'd do it professionally," says Bellator MMA fighter Liam McGeary. #wwdfashion (📷: @andyboyle; Interview by @jeanpalmieri; Styled by @thealexbadia)