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As Rich Get Richer, Valentino Chairman Sees No End to Luxury Boom
Rachid Mohamed Rachid talks the pandemic, exclusivity, and the power of Zendaya.
A customer considers a Valentino bag at the Isetan Shinjuku department store in Tokyo.
Photographer: Akio Kon/BloombergThe rich are getting richer, and it’s a boon for the luxury industry, according to Valentino Chairman Rachid Mohamed Rachid.
The Egyptian businessman spoke to Bloomberg TV on the sidelines of the World Economic Forum in Davos, Switzerland. “There’s no doubt that with the pandemic and the way that money has been spent over the past few years, the rich got richer,” he said. “So there’s lots of money within a segment of the population, and they’re trying to spend it on luxury goods.”