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  • Luxury Market Surges While the Rest of the Economy Sputters

    The Atlantic Wire - 07/20/2011

    Economic news these days is pretty bleak: job growth is anemic, retail sales are stagnating, and consumer confidence is plummeting. But the luxury goods market is another story. Today, the French company Hermes raised its 2011 revenue forecast by 12 to 14 percent on growing demand in the U.S. and China for its silk scarves and leather handbags. Last week, Burberry, which makes raincoats and leather goods, beat its revenue forecast for the first quarter of 2011. According to Reuters, investors are now pouring money into luxury stocks. What’s behind the surging luxury goods market? Reports suggest three primary factors:

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