Luxury: No signs of recession for the global rich

New numbers show an increase in luxury sales

Louis Vuitton.
(Image credit: Robert Alexander/Getty Images)

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Through worldwide turmoil, inflation, and sinking stocks, said Andrea Felsted in Bloomberg, the rich seem to just keep spending. The world's largest purveyor of "bling," LVMH Moet Hennessy Louis Vuitton, smashed expectations in the third quarter with a 19 percent boost in sales. "The third quarter was always going to be a blockbuster with travel restrictions easing and many Americans venturing back to Europe to make the most of a strong dollar." But browsing through the numbers LVMH released last week and comments from its leaders, "you would be forgiven for thinking the world wasn't facing geopolitical turmoil, soaring inflation, and sinking stock markets." LVMH's chief financial officer Jean-Jacques Guiony said that for all the talk of recession, "nobody had seen it yet." Luxury retailers won't be immune to a global downturn, particularly if it diminishes China's rapacious appetite for Western indulgence brands. But LVMH has just "set a very high bar for the forthcoming reporting season."

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