Luxury Brands Face Profits Squeeze as Iran Conflict Shrinks Dubai Mall Sales

nachrichten.at

Factuality

Ownership

DUBAI. The Iran conflict is affecting the interests of European luxury brands in Dubai and Abu Dhabi, hitting the sector's fastest growing market so far.

Mediafax

Factuality

Ownership

The sales of Europe's largest luxury brands decreased in Dubai and Abu Dhabi, after Iran's conflict hit the market with the fastest growth in the sector, which was the latest return to the 400 billion dollars industry that was contracted in the last three years. The luxury brands reported in March the decline of 30-50% in Mall of the Emirates, one of the largest in Dubai, compared to the same month, according to some sources. The figures represe…