Luxury goods continued to escape the consumer spending gloom after PPR reported higher-than-expected profits at its Gucci group of brands, which includes Stella McCartney and Bottega Veneta.

Hermès, the luxury fashion and leatherwear house, also reported solid results as net profits in the six months to June rose to €134.9m, up from €128.1m in the same period last year, boosted by sales of silk scarves and new store openings.