They love the night life. They like to boogie … and spend
“I see the prestige market intact. I don’t see the slowdown,” said Coty Inc. Chief Executive Bernd Beetz in an interview with Reuters. “Right now, I cannot complain about the market.”
Luxury buyers seem to have sailed through sharply higher gas prices, a housing market slowdown and the recent worry about tightening credit markets.
But you’ve read all about that already.
For Coty, though — with brands backed by A-list celebrities like Calvin Klein, Sarah Jessica Parker and Jennifer “J-Lo” Lopez — there’s no slowdown as of now, Beetz said on Monday.
His comments come after handbag company Coach Inc’s Chief Executive, Lew Frankfort, said last week that he wasn’t seeing the luxury customer applying the brakes. Neither did the CEOs at Saks or Blue Nile, about two months ago. In fact, during the past quarter, one customer bought a single jewelry item worth for more than $1.5 million from online diamond retailer Blue Nile.
What credit market crunch? Gas costs how much?