This is the fourth edition of the book, updated to November 2022.It includes insights and fascinating examples of the fast-evolving world of luxury fashion. Why does one handbag sell for five times the price of another that looks and feels pretty much the same? How does a luxury label justify a runway show costing many millions of dollars, when most of the outfits paraded will never appear for sale? Why are fall fashions shown on the runway in March, and spring fashions in October? Why is the internet multiverse touted as the next big thing in fashion?The book includes stories of the people and workings of luxury fashion, from New York, London, Paris, Milan—and in the rapidly growing markets of China.