If there is a double-dip recession on the horizon, no-one told luxury goods shoppers. The rebound in sales of brands such as Hemes, Laurent-Perrier and LVMH during the second quarter was so strong that there may still be value in the highly rated sector.

The Wall Street Journal's Heard on the Street column reports that Hermès International, the French group famous for its silk scarves and handbags, reported second-quarter sales up 20% year-on-year on a constant-currency basis, thanks to booming demand in Asia outside Japan and in the US. Champagne maker Groupe Laurent Perrier increased sales by 17% in the three months to June 30 compared with the previous year. Exports of Swiss watches were up 35% in June from a year earlier.