The rich are living in a different economic world
Luxury giant LVMH’s recent results raise the question of how long “luxonomics” can last
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
“LUXURY is not a proxy for the general economy,” Jean-Jacques Guiony, chief financial officer of LVMH Moet Hennessy Louis Vuitton, said on Tuesday (Oct 11).
He could not be more right. Browsing through the third-quarter trading update from LVMH, you would be forgiven for thinking the world wasn’t facing geopolitical turmoil, soaring inflation and sinking stock markets.
The bling behemoth reported a 19 per cent increase in sales, excluding mergers and acquisitions and currency movements, in the three months to Sep 30. Fashion and leather goods organic revenue rose 22 per cent. Both results trounced analysts’ expectations.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
