A gleaming necklace in Boucheron’s shop window in Paris’s Place Vendome features dozens of lifelike hydrangea blossoms made from mother-of-pearl and diamonds, framing a 43-carat pink tourmaline. Shoppers who enter the restored 18th-century mansion, which reopened recently after a sweeping restora…
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Luxury Brands Burn Their Own Goods?
Every winter the Tuscan workshops of Stefano Ricci, a high-end menswear label, box up the year’s unsold products—from cashmere suits and silk ties to finely woven cotton shirts—and send them off on trucks to be burned. Then Stefano Ricci’s accountants get to work claiming a tax credit for the ope…