A big part of this is the fact that certain regions just happen to excel at particular industries more than others. For Europe, it’s luxury goods + cosmetics

A big part of this is the fact that certain regions just happen to excel at particular industries more than others. For Europe, it’s luxury goods + cosmetics For the Middle East, it’s energy For the US, it’s things like tech + media + finance It doesn’t mean that Europe lacking in innovation in those other industries, just that the luxury goods market is an outsized one for them.