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The 1% Are Suckers for Luxury-Goods Labels

Brett Arends, SmartMoney How the Occupy Wall Street crowd can profit from the wealthy's fancy taste. It's been nine months since Occupy...

Brett Arends, SmartMoney How the Occupy Wall Street crowd can profit from the wealthy's fancy taste. It's been nine months since Occupy Wall Street first launched its campaign, but if the wealthy 1 percent is feeling any strain, it's doing a very good job of hiding it. Sales of high fashion, luxury cars and other fancy baubles are booming. Porsche sales in the U.S. jumped nearly 15 percent last year. Hermés reported that its sales were up 26 percent. Imports of Swiss watches rocketed nearly 29 percent in the first three months of 2012. The world's biggest luxury-goods company, LVMH Moet Hennessy Louis Vuitton — which makes products ranging from luggage to champagne — reported a terrific first quarter. These companies have left the overall economy in their wake. Read More