By  on January 22, 2019

A decade or more ago, all the luxury world could talk about was the BRICS — Brazil, Russia, India, China and South Africa. But as the various nations hit political and economic road bumps, the industry’s attention focused more and more on only China than on the other members of the quintet.

There are many reasons why the BRICS markets lost some of their allure over the past few years. Internal turmoil and sanctions in Brazil and Russia, economic decline in South Africa, and demonetization and a new goods and services tax in India led to a realignment in business.

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