Luxury merchants around the globe are facing post-recession challenges, as middle-income consumers who previously fit into the "aspirational" category fail to return to higher-end shopping, Women's Wear Daily reports. "There are consumers that overreached, and during the recession they had to go back to a more appropriate spending habit," said Fendi CEO Michael Burke. "The market has become more polarized: Either it's entry price or true luxury. ... The middle has hollowed out."

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