PARIS — An upbeat Bernard Arnault on Wednesday played down worries about a U.S. recession as the luxury juggernaut rolled on, sending net profits at LVMH Moët Hennessy Louis Vuitton up 8 percent last year to surpass the 2 billion euro threshold.
"We are relatively confident regarding the year 2008," Arnault said as the group reported net profits totaled 2.03 billion euros, or $2.78 billion at average exchange. He characterized the impact of a U.S. recession as "limited, weak or even non-existent" for the world's biggest luxury player.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)