Put it down to pent-up Chinese savings or American consumer habits fine-tuned in the pandemic, but a lot of people are finding the money to spend absurd amounts on fripperies. Farfetch, which calls itself the global destination for modern luxury and sells £500 women’s denim shorts, earned nearly $30 million more than analysts expected in Q1 and saw its shares jump 23 per cent. Burberry reported good sales too, but its shares fell. The difference seems to be that Farfetch is doing well in the US and China; Burberry only in China. The debt ceiling crisis isn’t hurting in the real world of £780 Brunello Cucinelli espadrilles.
