Luxury looks homeward as COVID curtails travel Today 05:51 am JST Today | 06:45 am JST PARIS
The luxury sector has flashed back from the COVID-19 pandemic but the crisis is still putting a crimp in travel, a key part of the market.
Industry giants have reported results that show the world s well-heeled are splurging on luxury goods as sales surpass even pre-pandemic levels.
LVMH home to Louis Vuitton, Moet, Fendi, and Kenzo brands among others saw first-half sales climb by 11 percent above their pre-pandemic level to 28.7 billion euros (34.1 billion) as it reported a profit of 5.3 billion euros, a whopping 64 percent increase from 2019.
The ultra-rich just want to splurge, travel restrictions lead to purchase of luxury goods
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