Currency swings have taken a bite out of the main groups' results. The situation should improve slightly in the second half-year, although growth will remain slim.
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Since the start of the year, shares in luxury groups have followed an upward trend, driven by excellent financial results. Analysts are now predicting 5% to 10% growth for the sector for the twelve months of 2010. Clearly luxury has put the crisis behind it.
Over the past six months, Swatch and Richemont share prices have soared, closely followed by PPR, LVMH and Hermès. For analysts, this is a sign that the worst of the crisis is behind us.