The business of luxury is seduction. The aesthetics, the textures, the aura of exclusivity all conspire to turn savvy customers into true believers. That logic is not supposed to apply to hard-nosed investors. Yet their approach to the sector also veers into blind faith.
奢侈品生意的关键在于“诱惑”二字。美学、质感、高端专享的光环，所有这些要素使精明的顾客变成真正的信徒。按理说，不讲情面的投资者会拒绝这种逻辑。然而他们对待奢侈品行业的态度也会偏向盲目信仰。
See, for instance, the market’s reaction to LVMH’s — horrible — sales. The luxury juggernaut’s key fashion and leather goods business, which includes brands such as LV and Dior, was down 5 per cent in the third quarter as the Chinese consumer finally capitulated. That points to a much sharper slowdown than feared.
看看市场对路威酩轩(LVMH)糟糕销售数据的反应吧。随着中国消费者终于减少消费，这家奢侈品巨头的核心时装和皮具业务——包括路易威登(LV)和迪奥(Dior)等品牌——第三季度销售额下跌5%。这表明业务放缓的幅度比人们之前担心的要大得多。