Though profits aren't as high as earlier this year, LVMH, which houses its namesake line along with other high-end labels such as Celine and Givenchy, reports a 9 percent growth in its business. Other top French retailers report up to a 10 percent loss in sales. In fact, the only decline experienced in the LVMH business is with watches.
“We are in a strange situation. It’s more a lack of confidence from retailers,” said LVMH finance director, Jean-Jacques Guiony, who states that retailers are being overly cautious with their spending.
All of this makes one wonder: Does LVMH have that magic staying power, or are the wealthy not affected by one of the worst economic crisises in history?