Francesco Trapani, chief executive of Bulgari Group, is cutting back on the fixed costs of his jet-setting lifestyle. The jewelry, luxury-goods and hotel magnate recently sold his 137-foot yacht, the "Christianne B," and he's holding off on buying any more homes. Even his bespoke Micocci shirt was slightly frayed at the collar last week -- a fact he acknowledged with an apologetic smile.
"I'm being more prudent," Mr. Trapani said. "I spent a lot of money this summer renting houses and things. But when the summer's over, it's over."