How Are Luxury Sales (Really) Holding Up?

In recent weeks, the luxury segment has seemed the last hope for a retail economy under pressure as high-end sales beat estimates and managers projected confidence for the coming months despite a darkening macroeconomic picture.

Mass- and mid-market players including Adidas, Boohoo and H&M have lowered their guidance or issued profit warnings as rampant inflation, interest-rate hikes and an energy crunch dampen consumer sentiment and squeeze…