The Iran war is rattling the global luxury industry. Stocks like LVMH and Hermès have shed an estimated $100 billion in combined market value since late February. The Middle East, last year’s fastest-growing luxury market at a growth rate of 6% to 8%, is now facing deep uncertainty. Dubai’s booming millionaire population and elite retail scene made it a crown jewel for luxury brands. CNBC’s Robert Frank explains what’s to come for the Middle East’s luxury market during the ongoing conflict in Iran.
Chapters:
00:00 — 00:20 Middle East luxury market
00:21 — 01:12 Growing market
01:13 — 02:00 Scenarios
Produced and Edited by: Darren Geeter
Reporting by: Robert Frank
Animation: Emily Park
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images
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Luxury Giants Lose Billions In Market Value Amid Middle East Conflict
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