Fault lines are beginning to appear in the personal luxury goods market. After two years of declining sales—only the second time since the Great Recession of 2008 and 2009—the industry is once again facing a crisis. But this time may be different. In the previous downturn, luxury quickly recovered the 9 percent it lost over the two years, and, by 2010, it added another 4 percent on top of its pre-recession peak.Today’s decline is smaller—off 3 p…
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