The People Want Champagne and Watches
When Bernard Arnault, chief executive of the largest luxury goods group in the world, Paris-based LVMH Moët Hennessy Louis Vuitton (LVMH.PA), took the podium Feb. 6 on ritzy Avenue Montaigne to report on the company's performance over the past year, the downturn plaguing many of his competitors did not feature on his agenda. Sure, a recession might be taking place in the U.S., and some luxury shoppers are feeling the pinch (BusinessWeek.com, 1/11/08). But that didn't stop LVMH from posting profits of $2.96 billion in 2007, up 8%, on sales of $24.1 billion, also up 8%.
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