The rich will always be here, but they may not fork over $30,000 for new handbag. By Christina Binkley Wall Street Journal Francesco Trapani, chief executive of Bulgari Group, is cutting back on the fixed costs of his jet-setting lifestyle. The jewelry, luxury-goods and hotel magnate recently sold his 137-foot yacht, the “Christianne B,” and he's holding off on buying any more homes. Even his Micocci shirt was slightly frayed at the collar last week — a fact he acknowledged with an apologetic smile. “I'm being more prudent,” he said. “I spent a lot of money this summer renting houses and things. But when the summer's over, it's over.” Not even the richest people are feeling untouched by our current financial crisis. In their personal lives, as in business, the purveyors of luxury are sizing up what it all means. Some of the...
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