It is the "upper middle class, the rich and ultra-rich untouched by the crisis" who could not travel and instead bought luxury goods, said Arnaud Cadart at FlornoyPARIS - 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.
Rival Kering -- which owns the Gucci and Balenciaga brands -- bested its pre-pandemic level by 8.4 percent with a record 8 billion euros in sales. Hermes reported a 29-percent jump to 4.0 billion in sales.Kering -- which owns the Gucci and Balenciaga brands -- surpassed its pre-pandemic level by 8.
"There is a young generation in the United States that feels comfortable with luxury purchases," in particular among the African-American, Hispanic and Asian populations, he explained.
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