AI is creating enormous wealth, and luxury brands are feeling the ripple. LVMH’s CFO Cécile Cabanis highlighted how U.S. and Korean tech workers are boosting the fashion and leather goods division, which now shows revenue growth after a slump. The company’s jewelry arm, however, grew 11%, outpacing its bags and clothing units.

Richemont is reaping even stronger gains. U.S. and Asian buying spurred a nearly 25% jump in its main jewellery business, driven by high‑price pieces like Van Cleef & Arpels’ near‑million‑euro gems. In a world where the richest get richer, the allure of ultra‑expensive jewels could make Richemont a better play than LVMH.

Yet if the AI boom lifts the middle class, LVMH’s broader scale and new creative direction at Dior could win. Brunello Cucinelli’s high‑end cashmere also shows solid growth. LVMH shares trade at 20 times forward earnings, a discount to Richemont’s valuation, suggesting investors favor the richer‑rich narrative.