Luxury brands did it again for fashion giant
The global economic slowdown and
The brand is stepping up a campaign to streamline its operations, but the group warned that it would continue to be a drag on the group's performance in the second half while that plan is put in place.
By contrast, the luxury sector has remained almost untouchable in the crisis. Sales in the high-end division rose 30.7 percent in the January-to-June period over last year at PPR, which is behind such names as
PPR has been pursuing a strategy to capitalize on the strength of luxury goods, and is in the process of jettisoning some of its underperforming retail brands. Profits from only continuing operations rose 18 percent - an indication of the strength in the group's future.