The comments raise questions about luxury demand, which has been buoyed by rich consumers who are more insulated from the effects of lockdowns and the cost-of-living crisis. That's despite challenges including the war in Ukraine, lockdowns in China, rampant inflation and recent stock market declines. Earlier this week, Burberry Group Plc said profitability reached the highest level in eight years as the UK trenchcoat maker benefited from efforts to make its brand more exclusive.