LVMH: A luxury lift

Europe’s luxury stars were bracing for a tough year. If consumers cut spending, wouldn’t they stop buying discretionary products such as Cartier watches and Louis Vuitton bags? How could luxury makers cope with manufacturing in strong euros, while selling in weak dollars? Richemont, maker of Cartier watches, and Coach, the US handbag company, recently published disappointing numbers. Just last week Italian shoemaker Tod’s sounded the alarm over slowing demand. But on Wednesday the industry’s bi...