Yesterday the stock market lost more points in a single day than it has in 21 years. Some negative thinkers are calling it a crash. But the fashion industry has proved there is a light at the end of this pitch-black tunnel, and it shines thanks to handbags. LVMH announced yesterday revenues actually increased in the third quarter, thanks to “remarkable” sales at Louis Vuitton. LVMH revenues grew 6 percent over three months through September. And Louis Vuitton alone enjoyed double-digit growth in the same period since its Damier Graphite and Monogram lines are “still enjoying exceptional momentum.” Leave it to the fashion industry to inject that dose of positivity everyone’s griping about into These Economic Times. LVMH said other brands performed well, too, like Fendi, Donna Karan, Marc Jacobs, and Givenchy and that accessories continue to “see strong progress.” So don’t buy gold! Buy handbags.
LVMH Sales Leap [WWD]