The world’s biggest luxury group, LVMH, enjoyed yet another year of record revenues and profits despite the rising cost of living.
Sales reached almost £20 bn. LVMH brands include Tiffany’s, Christian Dior, Sephora, Hennessey, Moët and designer label, Louis Vuitton whose revenue surpassed $21.7bn for the first time (BBC news). It ensures chief executive, Bernard Arnault, remains the world’s richest person.
While for us lesser mortals, the humble onion has become a luxury shopping item. The price of onions rose in the Philippines to more than the cost of most meat, and above the country’s daily minimum wage. The BBC reports that Philippine custom officials are on a special look-out for onion smuggling.