It's not all doom and gloom

LVMH, the world's largest luxury goods company, has reported record revenues for 2010, with all areas of the group seeing double-digit growth.
Economic recovery helped to increase LVMH's revenues by 19% to 20.3bn euros ($27.7bn; £17bn).Operating profits rose 29% to 4.3bn euros, with sales of TAG Heuer watches and Moet & Chandon champagne rising.

LVMH's wines and spirits unit rebounded from a fall in 2009 to report a 19% rise in revenues to 3.2bn euros, lifting profits 22% to 930m euros. The largest division, fashion and leather goods, made revenues of 7.6bn euros, up 20%, with profits up 29% to 2.5bn euros.

LVMH chairman Bernard Arnault said "2010 was a great vintage year"

Global luxury sales climbed 10% in 2010