The leap in sales reported by LVMH, the owner of LouisVuitton and ChristianDior, suggests that at least one segment of the economy remains immune to the crises assailing retailers — luxurygoods. Moneyweb BusinessNews
The leap in sales reported by LVMH, the owner of Louis Vuitton and Christian Dior, suggests that at least one segment of the economy remains immune to the crises assailing retailers — luxury goods. Gyrating markets, surging inflation and gathering economic gloom have proven no barrier to demand among the well-heeled for handbags, watches, jewelry and cars. That’s evident in the 22% jump in sales of LVMH’s fashion and leather goods last quarter.
The persistent appetite for sought-after brands among the well-heeled has transcended handbags and costly trinkets and helped lift sales of Mercedes-Benz AG cars by more than a fifth last quarter. The initial public offering of Porsche benefited from the luxury cachet of the brand, whose market value surpassed that of its parent, Volkswagen AG, after the listing. Sales of other cars have been slumping.
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