"America First": the 47th US president's catchphrase has even made its mark on the first lady's wardrobe. During Donald Trump's inauguration ceremony on Monday, Melania Trump - a former model known for her love of European luxury (Glitz, 16/01/25) - opted for an outfit by New York designer Adam Lippes.

The entire luxury industry will have to contend with Trump's mantra over the next four years. The president has already announced an increase in import tariffs, which heavily favour US-based businesses.