LVMH, owner of Louis Vuitton handbags and Dom Pérignon champagne, brushed aside concerns about a US economic downturn, saying the growth of its luxury goods business was driven by wealthy individuals rather than economic cycles.

Presenting an 8 per cent rise in net profit to €2bn ($2.9bn) in 2007, helped by strong sales in China, Bernard Arnault, chairman and chief executive, said a mild US recession was likely but this would have a “limited . . . even non-existent” impact on the group.