That's a Lot of Scarves

Hermes International, the makers of the uber-posh Birkin and Kelly bags, reports its sales rose 12 percent in the second quarter to $634 million, a greater gain than expected.

The company attributes the growth to new store openings and the sales of silk scarves in the Asian and American markets. New and remodeled Hermes stores, specifically in New York and Paris, were cited by the company as top performers.

This proves that there are sectors of the luxury economy that are immune to rising oil prices and a sputtering U.S. economy. I chalk the increase up to the titans of the emerging economies (their wives, their girlfriends and their children).

Unfortunately, this probably means the waiting list for a Birkin bag, which starts at a mere $8,000 and can go in to the five figures based on what skin you choose, isn't getting any shorter.

By Lisa Marsh