Money Talks: Europe’s luxury crown
Money Talks from The Economist
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Europe's Dominance in the Luxury Goods Sector
This chapter discusses the dominance of Europe in the luxury goods sector, with the emergence of European luxury giants such as LVMH, Caring, and Rishamand. Despite pessimism surrounding Europe's relevance, these conglomerates have become enormously profitable by acquiring smaller brands. The chapter also mentions the recent slowdown in the industry due to consumers tightening their belts, with Burberry issuing a profit warning. However, it emphasizes that the luxury goods industry still experienced 4% growth last year, which is considered good considering the current economic conditions.
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