Harrods Shrugs Off Recession Fears as ‘Rich Get Richer,’ FT Says

Luxury department store Harrods would flourish in a weakening economic environment because “the rich get richer in a recession,” the Financial Times reported, citing an interview with Managing Director Michael Ward.

The business is now exceeding 2019 levels after suffering the effects of the Covid-19 pandemic and a lack of tourists in London during lockdown, the newspaper cited Ward as sayings. Shoppers are increasingly turning toward “superbrands” such as Louis Vuitton and Hermes, leaving other brands exposed, he said, according to the report.