Luxe’ Sells

LVMH CEO: Luxury Market To Reach $300 Billion By 2012; US Has Potential

MOSCOW -(Dow Jones)- Global sales of luxury goods will double over the next five years, while there is still potential in the U.S., Bernard Arnault, the chief executive of LVMH Moet Hennessy Louis Vuitton (LVMUY) said Wednesday.

Luxury goods will generate EUR300 billion by 2012, Arnault told an industry conference in Moscow, citing wealth creation, the growing number of consumers and a push by producers into emerging markets.  He added that the U.S. – the global leader in luxury, but a country whose huge economy is showing signs of a slowdown – nevertheless has untapped potential.  “The U.S. accounts for 16% of global luxury sales, but 28% of the world’s gross domestic product,” Arnault said.  Of the newer markets, Arnauld said Russia, China and India could together account for a third of global luxury sales within the next 10 years.  Behind the U.S., Japan and China are in second and third place in terms of luxury goods sales.

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Author | Andrew Langley

Source | DowJones Business News


About C. Rae White

I'm a proud 6th generation Detroiter, a creative who loves working with my hands and a fashion fanatic with a thing for shoes, bags and jewelry. I'm a family researcher who loves discovering the details of my ancestors lives. Thanks for stopping by!
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2 Responses to Luxe’ Sells

  1. Joelle says:

     . . . and how much is that in Ameros?  Peace.

  2. Chocolate Matters says:

    I have always read that the luxury market is pretty stable given every thing else that goes wrong in the economy.

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