The stock market and overall U.S. economy appear to be moving in the right direction. Although inflation remains above the Federal Reserve's target of 2%, it has been consistently cooling (falling to 3% in June). The markets seem OK with how higher interest rates are impacting the economy and consumer demand. After all, the S 500 index is up 17% year to date, and the tech-heavy Nasdaq Composite is up 33%.     

While big tech has dominated the headlines this year for various reasons, from mass layoffs to advances in artificial intelligence (AI), the luxury retail sector has quietly been beating the market. Oh, and it's been doing so for over a decade. 

Two European powerhouses, Hermes International (OTC: HESAY) and LVMH Moet Hennessy (OTC: LVMHF), have been leading the charge in luxury retail for quite some time. While each has become synonymous with status-symbol accessories and products, there is much more to their underlying businesses. Namely, each company is a worldwide brand reaching consumers of all ages across the globe.

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Source Fool.com