Moscow, once the bastion of excessive displays of extravagance, fueled by easy credit and increasing commodity prices has come back to earth with a bang as the financial crisis hits hard.
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Ups and downs in the luxury world. Well….. mostly downs actually. The credit crunch is taking a high toll amongst the luxury suppliers, particularly in luxury automobiles and properties.
Luxury Automobiles
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Louis Vuitton said this week that it was scrapping plans for the enormous flagship store in central Tokyo as the worldwide financial crisis dampens the luxury goods market
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The French luxury brand had planned a 12-floor, 12,000 square-metre (130,000 square-foot) store off a major street in Tokyo's glitzy Ginza district that would rival in size its main shop in Paris.
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