US News: Despite the Ukraine War and inflation: Luxury is booming

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because of the dramatic price increases in energy and food, more and more people in Germany have to strap their belts closer. It is saved - for food as well as with jewelry and clothing. From all? no Ukraine war and the galloping inflation seem to be able to harm the luxury goods market. The business with the luxury is buzzing.

Eine Passantin vor einer Boutique des Schweizer Uhrenhersteller Omega in Hamburg. © Daniel Reinhardt/dpa A passer -by in front of a boutique by the Swiss watch manufacturer Omega in Hamburg.

Gerd Müller-Thomkins from the German Mode Institute (DMI) observes an “extreme polarization” of the market in the fashion trade. «The more expensive, the better or the cheaper, the better. But the middle disappears, »he recently said on the edge of a fashion fair in Düsseldorf. Axel Augustin from the Textil Schuhe Clothing (BTE) Handelsverband observes that the shops with well -off customers are currently doing significantly better than the competition. There are numerous customers who don't have to pay attention to their money even now.

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The electronics chains Media Markt and Saturn also complain about an overall falling desire to buy from customers, but observe striking differences depending on the price range. "The reluctance to buy concerns the lower and middle segment," said CFO Florian Wieser. The premium area, on the other hand, continues to develop positively.

In fact, the luxury industry has been largely immune worldwide when it comes to the challenges of pandemic, war and inflation. Luxury goods corporations such as LVMH (Louis Vuitton Moet Hennessy), Kering (Gucci, Yves Saint Laurent, Balenciaga), Hermes or Prada in the first half of the year all shone with high sales growths and lush profits. Business was going excellently, especially in Europe and the United States.

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double -digit in sales and profit

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LVMH reported that the income from the in -house fashion brands such as Luis Vuitton, Dior or Fendi had achieved new record heights. But the business with champagne, cognac and watches also went excellently. The sales of the luxury group rose by 28 percent to almost 37 billion euros in the first six months of this year compared to the previous year. The operational profit grew by 34 percent to more than 10 billion euros. Competitors such as Kering, Hermes or Prada also grew significantly double digits when it comes to sales and profits.

had given the Corona crisis of the luxury goods industry the greatest break-in of its history in 2020. But that was a rather short interlude. According to a study by the management consultancy Bain, the global market for personal luxury goods such as clothing and jewelry already exceeded the pre-corona level with 288 billion euros. And the upward trend currently seems unbroken.

"So far hardly any effects on the noble brands"

"of the war of Russia against Ukraine and the resulting high inflation rate, including economic loss, have so far had little effect on the noble brands,» the experts from Bain, together with the Italian luxury goods association Fondazione Altagamma Study on the luxury goods market.

"The luxury goods industry once again shows high resilience when it comes to crises," emphasized the Bain industry expert Marie-Therese Marek. This year, despite the Ukraine war and inflation, the total turnover of the luxury goods industry can even increase to 320 to 330 billion euros.

War in Ukraine. Boris Johnson is in kyiv this Wednesday for independence day .
© Sergei Chuzavkov/AFP British Prime Minister Boris Johnson and Ukrainian President Volodymyr Zelensky (R) walk in the maidan independence square in kyiv, the August 24, 2022. British Prime Minister Boris Johnson made a surprise visit to Ukraine on Wednesday, August 24, which celebrates his independence day, while marking the six months of the Russian invasion. The British government head of government announced his resignation from the head of the Conservative party on Thursday, July 7, 2022.

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