CORRECTION / This picture taken on October 14, 2026 shows a customer browsing purses among secondhand luxury goods at the Zhuanzhuan superstore in the Jing'an District in Shanghai. Chinese were once massive buyers of luxury Western brands, accounting for around a third of global spending and earning firms like LVMH and Hermes billions of dollars. But with the Asian powerhouse's domestic economy in the doldrums, people are tightening their (designer) belts, buying "pre-owned" Western brands or upstart new Chinese ones. (Photo by CN-STR / AFP via Getty Images) / To go with 'CHINA-LIFESTYLE-ECONOMY-FASHION-RETAIL,FOCUS' by Emily WANG / "The erroneous source appearing in the metadata of this photo has been modified in AFP systems in the following manner: [CN-STR] instead of [AFP]. Please immediately remove the erroneous mention[s] from all your online services and delete it (them) from your servers. If you have been authorized by AFP to distribute it (them) to third parties, please ensure that the same actions are carried out by them. Failure to promptly comply with these instructions will entail liability on your part for any continued or post notification usage. Therefore we thank you very much for all your attention and prompt action. We are sorry for the inconvenience this notification may cause and remain at your disposal for any further information you may require."

CORRECTION / This picture taken on October 14, 2026 shows a customer browsing bags among secondhand luxury goods at the Zhuanzhuan superstore in the Jing'an District in Shanghai. Chinese were once massive buyers of luxury Western brands, accounting for around a third of global spending and earning firms like LVMH and Hermes billions of dollars. But with the Asian powerhouse's domestic economy in the doldrums, people are tightening their (designer) belts, buying "pre-owned" Western brands or upstart new Chinese ones. (Photo by CN-STR / AFP via Getty Images) / To go with 'CHINA-LIFESTYLE-ECONOMY-FASHION-RETAIL,FOCUS' by Emily WANG / "The erroneous source appearing in the metadata of this photo has been modified in AFP systems in the following manner: [CN-STR] instead of [AFP]. Please immediately remove the erroneous mention[s] from all your online services and delete it (them) from your servers. If you have been authorized by AFP to distribute it (them) to third parties, please ensure that the same actions are carried out by them. Failure to promptly comply with these instructions will entail liability on your part for any continued or post notification usage. Therefore we thank you very much for all your attention and prompt action. We are sorry for the inconvenience this notification may cause and remain at your disposal for any further information you may require."

CORRECTION / This picture taken on October 13, 2026 shows customers browsing a wide range of secondhand luxury goods at the Zhuanzhuan superstore in the Jing'an District in Shanghai. Chinese were once massive buyers of luxury Western brands, accounting for around a third of global spending and earning firms like LVMH and Hermes billions of dollars. But with the Asian powerhouse's domestic economy in the doldrums, people are tightening their (designer) belts, buying "pre-owned" Western brands or upstart new Chinese ones. (Photo by CN-STR / AFP via Getty Images) / To go with 'CHINA-LIFESTYLE-ECONOMY-FASHION-RETAIL,FOCUS' by Emily WANG / "The erroneous source appearing in the metadata of this photo has been modified in AFP systems in the following manner: [CN-STR] instead of [AFP]. Please immediately remove the erroneous mention[s] from all your online services and delete it (them) from your servers. If you have been authorized by AFP to distribute it (them) to third parties, please ensure that the same actions are carried out by them. Failure to promptly comply with these instructions will entail liability on your part for any continued or post notification usage. Therefore we thank you very much for all your attention and prompt action. We are sorry for the inconvenience this notification may cause and remain at your disposal for any further information you may require."

CORRECTION / This picture taken on October 14, 2026 shows customers browsing bags among secondhand luxury goods at the Zhuanzhuan superstore in the Jing'an District in Shanghai. Chinese were once massive buyers of luxury Western brands, accounting for around a third of global spending and earning firms like LVMH and Hermes billions of dollars. But with the Asian powerhouse's domestic economy in the doldrums, people are tightening their (designer) belts, buying "pre-owned" Western brands or upstart new Chinese ones. (Photo by CN-STR / AFP via Getty Images) / To go with 'CHINA-LIFESTYLE-ECONOMY-FASHION-RETAIL,FOCUS' by Emily WANG / "The erroneous source appearing in the metadata of this photo has been modified in AFP systems in the following manner: [CN-STR] instead of [AFP]. Please immediately remove the erroneous mention[s] from all your online services and delete it (them) from your servers. If you have been authorized by AFP to distribute it (them) to third parties, please ensure that the same actions are carried out by them. Failure to promptly comply with these instructions will entail liability on your part for any continued or post notification usage. Therefore we thank you very much for all your attention and prompt action. We are sorry for the inconvenience this notification may cause and remain at your disposal for any further information you may require."

(FILES) European Commissioner for Economic and Financial Affairs Pierre Moscovici poses during a photo session in Paris on March 5, 2019. Moscovici has resigned from the European Court of Auditors, less than a year after his appointment, the Luxembourg-based institution said on Ocotber 22, 2026. The former president of the French Court of Auditors cited personal reasons and his desire to retain his freedom of speech in the run-up to the presidential election in France. (Photo by JOEL SAGET / AFP via Getty Images)

France's Government Spokesperson and junior Minister for Energy and Digital economy Maud Bregeon (L) and France's Overseas Minister Naima Moutchou leave after attending the weekly cabinet meeting at the Elysee Palace in Paris on October 22, 2026. (Photo by Ludovic MARIN / AFP via Getty Images)

France's Government Spokesperson and junior Minister for Energy and Digital economy Maud Bregeon reacts as she addresses media during the press briefing following the weekly cabinet meeting at the Elysee presidential Palace in Paris on October 22, 2026. (Photo by Ludovic MARIN / AFP via Getty Images)

France's Government Spokesperson and junior Minister for Energy and Digital economy Maud Bregeon addresses media during the press briefing following the weekly cabinet meeting at the Elysee presidential Palace in Paris on October 22, 2026. (Photo by Ludovic MARIN / AFP via Getty Images)