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Tuesday, July 29, 2008

Handbag News: LVMH and Coach Turn a Profit Despite Global Economic Woes


Despite a recession and world-wide economic slump, French firm LVMH and American leather goods label Coach both reported respectable profits. It's no surprise LVMH which owns Gucci, Louis Vuitton and Balenciaga turned a profit. In particular, LV's handbag division was responsible for a nice portion of the reported increase in profits (duh!).

Even less of a shocker is Coach's 32.9 percent rise in profits. Women love their Coach handbags. Just go to any mall in the U.S. and roughly 1 out of 5 women is toting a Coach bag (my own unscientific observation, ladies).

The next time one of my friends asks me who in their right mind would shell out over $1000 for a purse, I'll direct them to ask one of the big wigs over at LVMH or Coach who would pay that much indeed.

Hurray for capitalism and the survival of designer handbags!


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