Despite war, inflation and economic uncertainty: luxury is a stable business in unstable times
The luxury goods groups and especially their flagship brands are on the up.
The jewelry and watch retailer Gübelin opened the first “TimeVallee boutique” in Switzerland last year.
Photo: Patrick Hürlimann (Lucerne, July 27, 2022)
Precious jewellery, luxury watches, gala robes – anything that has status and reputation in the world of luxury is solely a matter for the haute volée, high society or the moneyed nobility, as the financially well-to-do upper class is also known in our part of the world. Because rich people typically stay rich or even get richer in recessionary times, the luxury goods trade is a stable, resilient business.
