When stock markets tumble, wealthy U.S. shoppers typically cut back their visits to such luxury emporiums as Saks Inc. and Nordstrom Inc. Yet even as the markets have seesawed, they’ve kept right on spending.
Last holiday season, literary agent Linda Chester bought herself a sheared sable fur coat and red evening gown, both from Ralph Rucci, and designer suede leggings. This season, the bicoastal fashion lover settled for costume jewelry earrings from SoHo designer Iradj Moini.
Tumi Holdings Inc., the designer of black-nylon luxury travel bags, is seeking as much as $300 million in an initial public offering as retailers of higher- priced goods outpace the rest of the industry.