Luxury is back in a big way. In fact, all division at LVMH posted double-digit revenue growth during the first quarter, except for perfumes and cosmetics, which saw sales rise 9%, but that was still well ahead of the industry’s average expansion of 3 to 4%. Revenues were up 28% for watches and jewelry; 20% for wines and spirits; 17% for fashion and leather goods, and 20% for selective retailing. Like-for-like sales at Sephora advanced 7% in Europe and 9% in the U.S. All the divisions ...