Luxury goods: Resilient Trinkets

How does your Warrior handbag make you feel? Or that Piaget watch? Selling (and valuing) luxury goods has always been an imprecise science mixing the detail of retail with a giddy emotional pull that defies rational analysis. That may explain why Richemont, the world’s largest jewellery maker, and Burberry, the London-listed luxury goods group, have defied the economic gloom to post strong revenue growth in the first quarter of 13% and 22% respectively. The conventional wisdom was that middle c...