By Phil Wahba
August 14, 2012
Luxury brands saw resilience at high-end department stores in the latest quarter, showing that wealthy shoppers are buying despite lingering concerns about the global economy.
Results issued on Tuesday by Michael Kors Holdings Ltd and Estee Lauder Cos Inc were the latest signals of strength in high-end brands.
In general, U.S. retail sales increased in July for the first time in four months as demand rose broadly for everything from cars to electronics, a sign that consumers could drive faster economic growth in the third quarter, the Commerce Department reported on Tuesday.
Kors’ better-than-expected profit was due in part to bringing its boutiques into department stores. Kors has benefited from a consumer appetite for “affordable luxury” and its founder’s prominence as a judge on the long-running TV fashion show “Project Runway.”
Click the link to read the entire article which includes quotes from Milton Pedraza, CEO of Luxury Institute: http://www.msnbc.msn.com/id/48660164/ns/business-retail/t/luxury-brands-resilient-latest-quarter/#.UJwbrcVX3ro