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The democratisation of data and consumer power by way of social media has performed a huge part on this. Platforms like TikTok and Reddit are filled with conversations that problem the business’s value proposition, which has made it so much tougher for luxurious brands to regulate their narrative. Recent sales figures underline simply how far demand for luxury mega-brands has fallen from its post-pandemic highs. In July, some of the industry’s largest players reported disappointing revenues for the second consecutive quarter.
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