Luxury Brands on Recovery Track

By IBTimes Staff Reporter | September 08 2010 10:14 AM

width=398 The recession hit US economy had forced the rich spenders go a little tight on their shopping spree, affecting most high end companies. However, there is good news coming as some top luxury brands are already hitting the recovery path.

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Luxury goods and jewelry retailer Tiffany has received an increase of 9 percent in sales in the second quarter of the year, according to a Friday report. Similarly, Neiman Marcus luxury departmental store also reported a 7.6 per cent jump in revenue.

Zales, a mass-market jewelry store on the other hand is having a not so great year. Walmart reported that second-quarter 2010 sales declining.

Bill Simon, chief executive of Walmart, US said that customers continue to spend conservatively even after a year of economic recovery. While there is signs of strong growth at high end stores, mass-markets are still facing the hurdles.