As luxury firms struggle worldwide, the ‘knowingly cool’ label is posting record-breaking sales figures

While profits fall across the luxury fashion industry, one kooky Italian label is posting record-breaking sales figures.

For a global industry worth almost £1.5tn, fashion is having a bruising time. Last month London fashion week had such a small number of catwalk shows it shrank to a weekend. Many of the biggest fashion houses are between designers, and even super-conglomerate LVMH – which includes Dior, Fendi, Louis Vuitton and most of the drinks brands in your cocktail cabinet – lost a fifth of its profits last year.