Luxury sales rebound to pre-crisis levels in Italy

MILAN: The luxury sector is rebounding better-than-expected this year thanks in large part to wealthy Americans replenishing their wardrobes after a year of self-denial and nouveau riche Chinese indulging in a worldwide spending spree, according to a new study released Monday.

Sales of designer clothes, fine leather goods, jewelry, watches and other indulgences around the globe is forecast to surge 10 percent to €168 billion ($236.7 billion) in 2010, recovering from a disastrous 2009 when sales declined 8 percent to €153 billion, Bain & Co. said in its annual review of the sector commissioned by Italy's Fondazione Altagamma association of high-end producers.