Luxury goods buck the depressing trend

LVMH, the world's largest luxury-goods group, reported €3bn profit in 2011, as sales jumped 16 per cent. Revenue in the fourth quarter climbed 20 percent, the company said. Luxury-goods makers have reported double-digit sales growth in 2011 as wealthy clients around the world splurge on expensive bags and watches, even as concern mounts about a possible recession in Europe.

"Despite an uncertain economic environment in Europe, LVMH is well-equipped to continue its growth momentum across all business groups in 2012," the company said in the statement.

By division, growth was steady across the board. The watches and jewellery division doubled in size following the acquisition of Bulgari last year.