Luxury goods sales will return to growth next year with profitability increasing more than revenues thanks to strong cost containment policies in 2009, according to a Bank of America Merrill Lynch report. Sales will likely grow by 5 percent next year while core profit will rise 17 percent. Net profit will increase 13 percent, the report said, citing a consensus of estimates from analysts. The report was presented at the Milan Fashion Global Summit on Tuesday. – from ABCnews
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.