(bloomberg.com) - “Luxury is not a proxy for the general economy,” Jean-Jacques Guiony, chief financial officer of LVMH Moet Hennessy Louis Vuitton SE, said on October 11. He could not be more right. Browsing through the third-quarter trading update from LVMH, you would be forgiven for thinking the world wasn’t facing geopolitical turmoil, soaring inflation and sinking stock markets. The bling behemoth reported a 19% increase in sales, excluding mergers and acquisitions and currency movements, in the three months to Sept. 30. Fashion and leather goods organic revenue rose 22%. Both results trounced analysts’ expectations.
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