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needs. Square Up Pure Up Unlimited is authorized by the Financial Conduct Authority. Everything Your The Economist. Christian Blankart is an old hand when it comes to the world of European luxury.

I'm just writing a book called The Hundred Words of Luxury.

I am a member of several board and advisory boards concerning the luxury business in general.

He joined the French luxury house Ermez in the early 90s

and spent 15 years there in charge of the company's international development.

Over the years, he's seen the industry transform.

The world of luxury has changed completely, so it became huge, it was was small when I joined all the families were there

only families and now today no family anymore except some very few families. Ermes, which remains in family hands, is an increasingly rare exception in an industry that has come to be dominated by a handful of luxury conglomerates.

LVMH, the largest of them all, now houses 75 different brands,

from Louis Vuitton to Dior and Hennessy.

The consolidation of the European luxury industry has occurred against a backdrop of dramatic growth.

Over the past two decades, global sales of personal luxury goods have tripled to nearly 400 billion dollars.

We're not talking about the same business at all.

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