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Suit-Maker Zegna Says Trade War Slowing China Luxury Demand

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The ongoing trade war with the U.S. is hitting Chinese consumers psychologically, fueling a slowdown for luxury goods in the second half of the year, said Italian menswear maker Ermenegildo Zegna Group.

“In the past few months, I would say there has been a slowing down of consumption, and probably the consumer is becoming more careful in what he or she does,” Chief Executive Officer Ermenegildo Zegna said in an interview in Shanghai.