Luxury business back on track as recession sets out


Looks like splurging is in vogue again! After the economic turndown is finally over and out, the world of luxury is now raining bags and watches. Big fashion brands like Gucci, Yves Saint Laurent and Puma have set cash registers ringing ensuring big profits for the year 2010. And Asia has played the biggest role in this new turn of fortunes.

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As for numbers, PPR’s profit for the first of the year shot up by 113.3 percent to $528 million, while LVMH Moet Hennessy-Louis Vuitton announced a 53 percent to earn a net profit of 1.1 billion euros. Relately smaller brands like Hermes (with a hike of 22.8 percent sales), Burberry and the watch company Luxottica saw green this year. The watch exports at Switzerland, was up by 35 percent in June, with a 40 percent hike in high-end watches.
[AFP]

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