Luxury Goods Store Thriving Despite Recession: Sales Surpass 2019 Levels Even Among Wealthy Customers

The Financial Times reported that the Harrods luxury department store business will thrive in a weak economic backdrop, according to chief executive Michael Ward, who blamed the reason for “the rich getting richer in a recession”.

Ward said the company’s business is now above 2019 levels after suffering the effects of the ‘Covid-19’ pandemic and a lack of tourists to London during lockdown.

According to the report, reviewed by News Agencybuyers are increasingly turning to “major brands” such as “Louis Vuitton” and “Hermes”, leaving other brands in a more difficult situation.

“Statistics show that the wealthy benefit from the recession,” Ward said, “whatever their political beliefs.” He was answering a question about whether the deteriorating economic climate would affect Harrods.

Ward, who has been at the helm of the retailer since 2005, said the Windsor framework, designed to overhaul trading rules in Northern Ireland after Brexit was a step forward, even if it wasn’t yet an optimal deal.

The Windsor Framework is a legal agreement post-Proposed Brexit between the European Union and the United Kingdom, announced on February 27, 2023.