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“ With the decline of industry from 1970 to 1980, young people who came from the bourgeoisie and whose parents were engineers or doctors, began to work within this new domain – in museums, fashion or the luxury sector. This became the core of a new economy. Today, we ...Read More
An exercise in stating the obvious: luxury fashion houses subsist on banal accessories branded with logos, profiting off of their unusually high margins. Image-conscious consumers buy into “premium mediocre” items for the delusions of luxury they inspire, says Eugene Rabkin.