Dubai in the UAE has been the biggest driver of growth in recent years, and the Middle East tensions come at a critical time in the luxury industry.
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A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Major luxury stocks have fallen 15% or more since the Iran war started, and sales in the increasingly important Middle East market could drop by half, according to analysts.
Shares of LVMH
and Hermès
In March, LVMH's sales plunged by 50% in Gulf countries, according to figures released by the world's leading luxury group on…
A recovery in European luxury has been upended by the Iran war.
The Middle East has been one of the few bright spots in a sector that is struggling to get sales back on track.
Since the start of the U.S.-Iran war, Dubai's status as a haven for the global elite has been shattered.
A continuing Iran war could destabilize the larger Gulf region, an increasingly important profit center for luxury automakers…
The luxury sector had shown some signs of a long-awaited recovery after a years-long slump prompted by soft demand from Chinese…
