The crisis is over, according to Hugo Boss CEO

HUGO BOSS CEO Claus-Dietrich Lahrs said earlier this week, during at event at Frankfurt Finance School, that  that luxury markets might recover much faster than expected and the up trend is set to continue in 2012 too.

Lahrs was also optimistic about demand for luxury goods from Asia, especially China. He also added that  a slowdown of consumer demand in China is highly unlikely. Luxury goods companies will have a healthy and strong holiday business this year, he predicted.

"And we expect not only 2010 will develop as we expected, but also that 2011 will be very good," he said.