The Big Picture

Vincent Boland: New cold war could take a pin to burgeoning luxury goods sector

LVMH’s recent listing as the EU’s most valuable company confirms that the French-dominated industry is to Europe what tech is to America – the gift that keeps on giving. But nothing lasts forever

A model walks the runway during the Christian Dior Haute Couture Spring Summer 2023 show as part of Paris Fashion Week. Picture: Stephane Cardinale

Amid war, inflation, escalating tensions between China and the West, bank failures and what have you, there is one industry that stands aloof from the cares and worries of the world and keeps its head while all about it are losing theirs. This industry caters to the world’s wealthiest people, has risen from nowhere to global prominence in a few decades, has annual revenues of about $300 billion, and almost never endures a recession.

It ...