Is the slump in luxury goods sales finally starting? PPR reported this week that like-for-like first-quarter sales for its flagship Gucci brand were up only 2.4 per cent year on year, a sharp drop from 11 per cent for all of 2007. Prada is also delaying its planned public offering until at least the second half of the year.

Much of the news, though, is still good. Hermes, LVMH and Richemont all reported double-digit sales growth year on year in the latest quarter, with developing market consumers more than compensating for slower US sales. Even US-based Coach expects to deliver earnings per share above the guidance it gave this time last year.