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The 1% Are Suckers for Luxury-Goods Labels

June 14, 2012 1 minute Read by Robert Asahina

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


Author

Robert Asahina

Robert Asahina has been a newspaper and magazine editor and writer, a book publishing executive and editor, and a data management consultant. He was editor in chief and deputy publisher of Broadway Books, president and publisher of the adult publishing group of Golden Books, and vice president and senior editor of Simon and Schuster; deputy managing editor of The New York Sun and an editor at The New York Times Book Review, Harper's, George, and The Public Interest; and a consultant at Freddie Mac. He is the author of "Just Americans" and of numerous articles and reviews for The Wall Street Journal, Harper's, The New York Times Book Review, and elsewhere.

 

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