WASHINGTON, DC - APRIL 15: (L-R) Patrice Louvet (President & CEO - Ralph Lauren), Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) and Imran Amed (Founder, CEO and Editor-in-Chief - The Business of Fashion - The Business of Fashion) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: (L-R) Patrice Louvet (President & CEO - Ralph Lauren), Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) and Imran Amed (Founder, CEO and Editor-in-Chief - The Business of Fashion - The Business of Fashion) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Mirabella Brokate El Baze (Global Head of Brand and Marketing - Semafor) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)