For many of the world’s best-known luxury brands — jewelry makers, watch makers and high-end fashion houses — these have been very good times.  Any softness in sales in the U.S., Europe and Japan has been more than made up for by emerging markets like China and Russia.  But they think that’s going to change and they’re starting to retrench. The Wall Street Journal Oct. 8, 2008  Paid subscription may be required.

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