Spotlight | France
As French lawmakers wage war on drugs, luxury sector set to suffer casualties

The limit on cash payments by non-French residents will be slashed from €15,000 to €1,000.
The limit on cash payments by non-French residents will be slashed from €15,000 to €1,000. © Studio Pachamama
The National Assembly is debating a bill aimed at curtailing the narcotics trade and the laundering of drug money that could have major repercussions on the luxury industry. After garnering bilateral support in the legislature, the bill has been quietly amended to slash the cap on the amount of cash foreign nationals can spend on French soil. Luxury brands, already under pressure, would feel an immediate impact on their retail operations. [...]
Reading time 2 minutes Philippe Vasset

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