Jean-Jacques Guiony

Momentum in China and tourist spend in Europe enabled the sector to continue growing in Q2, while Kering’s surprise acquisition of a 30 percent stake in Valentino suggests there is more consolidation to come, writes Imran Amed.

Strong growth over the summer has allowed high-end brands to push a bullish message despite a deteriorating macroeconomic picture. But signs of trouble may be starting to show.

The luxury conglomerate's profit from recurring operations was $1.96 billion in the first six months of the year, falling below analysts expectations.

Historically, Europe’s richest man has made a career out of investing through downturns when his competitors were too weakened or too skittish to forge ahead. Even though his net worth has dwindled more than $30 billion during the crisis, his luxury conglomerate LVMH is going ahead with much of its spending plans.