The year 2009 will go down as a year of crisis in the history of luxury goods companies, all of which experienced sales and margin declines. Leather goods producers (Hermès, LVMH), however, suffered to a lesser degree than watch and jewellery makers (Swatch Group, Richemont, Bulgari). Positive signs already emerged in 4Q09 and continued in 1Q10 (+16,6%) owing to the easier comparison base.