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finance.yahoo.com · Market update

Luxury retailer closes 41 stores worldwide

After closing hundreds of stores and offloading a major luxury brand, one of the fashion industry's best-known groups continues to shrink its retail footprint. The move comes as luxury companies navigate a challenging environment marked by softer shopping demand, economic uncertainty, and shifting spending patterns. According to the McKinsey & Company State of Fashion 2026 Report, the global …