King of retailing
According to this WSJ story (subscription required), "the appetite for luxury is seemingly insatiable today."
No one is enjoying this trend more than Neiman Marcus Group Inc., which posted earnings of $205 million for its fiscal year ended July 31, up 87% over the year before. Its stock has more than doubled in the past two years, and its average sales per square foot of $541 soar above all other department-store retailers. After a 14% increase in profits in its most recent quarter ended Oct. 30, the company is projecting another strong performance for the holidays.
...When Neiman Marcus's limited edition 2005 Maserati Quattroporte went on sale at noon Oct. 14, all 60 of the $125,000 customized sedans sold out in four minutes. Other extravagant gifts featured in the annual Neiman Marcus Christmas catalog are also selling at an unusually brisk pace, the company says, including hand-encrusted crystal versions of Mr. and Mrs. Potato Head, for $8,000 each, and a $20,000 customized suit of armor.