High-end fashion companies weathered decades-high inflation better than other industries for most of last year as affluent shoppers dipped into pandemic savings, but persistently increasing prices have now prompted even high-end spenders to stem their splurging on designer labels.

The Indian fashion conglomerate reported sales growth of 20 percent to 3589 crore rupees ($435 million) for the quarter ended December 30 but a 94 percent decline in profits.

Analysts had expected the firm’s sales growth forecast to come in at 1 percent on average.

The former Asos executive is the latest hire to join the leadership team under chief executive Nick Beighton, and will oversee all creative output at the luxury retailer, the company said in a statement Tuesday.

China’s luxury market contracted 10 percent in 2022 on the year, snapping a five-year streak of high growth, as Beijing’s zero-Covid policy and a slowing economy hit spending, Bain & Company said in a report on Tuesday.

The online fashion retailer reported 187 million Australian dollars (US$123 million) in revenue during the six months that ended December 31, up 65 percent year on year.

The European Union on Tuesday started to consider a proposal to ban widely used substances known as PFAS or “forever chemicals” in what could become the bloc’s most extensive piece of regulation of the chemical industry.

Nearly 60 lawsuits claiming hair relaxer products sold by L’Oréal USA Inc and other companies cause cancer and other health problems will be consolidated in Chicago federal court, according to a Monday order from the Judicial Panel on Multidistrict Litigation.