The Importance of Luxury Goods in France

Chanel recently faced pushback from customers after raising the prices on some of its handbags by more than 70% since 2019. LVMH announced their earnings next week and it will be interesting to see how things are going. On their last earnings call they reported a 17% jump in sales thanks to a rebound in China following the end of lockdowns. The Chinese economy now appears to be stalling with the dollar value of China's exports having fallen by more than 12% in June.