Brazil, Indonesia, China fuel surge for high-end goods
(NEWSER) - The world economy may be troubled, even in crisis in many areas, but don't tell that to the rich—luxury goods had a great 2011, thanks to all the new millionaires and billionaires, especially from the developing world, reports the Wall Street Journal . Sales at Prada were up 33.1% and at Hermes they rose 18%. LVMH reported a 20% growth in sales, while the luxury division of PPR, the owner of Gucci, was up 22.1%. PPR has plans to open 110 new stores this year, half in Asia, to bring its total number of stores to 900. And men's goods are expanding rapidly. More»
