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The terrorism attacks and the immediate and severe depression of tourism and air travel proved to be one crisis too many.
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"The luxury goods sector tends to be quite recession proof because people who buy them have secure jobs or are wealthy anyway," Bryan Roberts, a senior retail analyst at the research firm Mintel International Group Ltd., explained. "But Sept. 11 had a massive impact on a number of big global brands. They are very reliant on tourism for their sales, at retail outlets in airports and at larger tourist destinations. A number of businesses were severely hit, with sales down one-fourth to one-third in the fourth quarter...
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