Australia

The fashion business has contributed to the fortunes of many of the nation’s wealthiest moguls, merchants and investors, including a few who are more famous for their mining and property portfolios.

Used in countless luxury fragrances, sandalwood is a coveted ingredient for beauty companies, but researchers worry the native tree population in Australia is on the brink of extinction.

Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.

The Melbourne-based multi-brand retailer has kept both local and international competitors at bay with a regional store footprint four times larger than Sephora’s.

Accessible luxury and advanced contemporary brands in the US and Europe can expect greater competition from Australian labels expanding overseas like Camilla, Aje and Rebecca Vallance.

Wealthy tourists are key to the recovery of the Australian luxury market but analysts predict that the sector won’t return to pre-pandemic levels until next year.

“As soon as possible, we will be in touch with Novak Djokovic to review the events that have accompanied his presence in Australia,” Lacoste said in an emailed statement.

Entrepreneurs are using exotic botanicals from Australia to create unique scents that attract the attention of global retailers and perfume giants like Guerlain, LVMH and Estée Lauder.