Not everyone is suffering to the same degree. Swiss watchmakers have been hardest hit but Hermès, the Paris leather goods and silk-square company, has seen its share price rise by nearly 16 per cent this year and expects its sales to grow by about 10 per cent.
Some in the trade believe they are facing a harsh future after a decade in which greed and easy money led to hubris.
And here's the money quote
Alain Nemarq, the chairman of Mauboussin, the prestige jewellery firm, said that the world of luxury had gone wild in pursuit of the idea that nothing could be too expensive and no profit margin too exorbitant. “The pursuit of exclusive trophies ... is finished,” he wrote in Le Figaro last week. “We will now return to reason, decency and discretion.”
We can only hope so.
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