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LUXURY’S ABOUT-TURN: Luxury consumers will become increasingly picky, opting for fewer products with better pedigrees, according to a recent report by the De Beers Group. In the report, “Luxury: Considered,” issued Wednesday, De Beers polled luxury industry heavyweights including Domenico De Sole, Mohan Murjani, Michael Kowalski and François Curiel, as well as Barclays Bank and Merrill Lynch. “This dynamic shift will have a lasting impact on the way luxury companies do business,” said Stephen Lussier, executive director of De Beers. The report says luxury consumers will create a market for more “high-end, high-experience products” while product sourcing and supply chain standards will come under increased scrutiny.
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