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The luxury market before and after Lehman
Damien Hirst sold his work at Sotheby's for 111 million on the day Lehman Brothers filed for bankruptcy. There was also a third thing happening simultaneously-the country was getting its first luxury mall, DLF Emporio, in Delhi. Till then, most luxury brands used to sell from five-star hotels and the Mumbai attacks forced them to think of moving to a luxury retail environment. That is why it took us nine years to open our second luxury mall, The Chanakya in Delhi, last year.
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