The luxury brands are definitely not making most of their sales with the Russians.
Example: I have seen a sheikh get married four times in Dubai or Saudi Arabia, after which there was nothing left in hundreds of luxury stores for weeks because they were sold out. That and our Asian neighbors, especially the Chinese, keep the business going. Then there are normal people who want to fulfill their dreams, stand out, have something special, etc. Overvalued or not, I stand by my LVMH shares and will continue to build on them.
