From left, Chanel, Versace, and Phoebe Philo. Photo-Illustration: New York Magazine, Photo: Chanel, Versace, Phoebe Philo Listen to fashion critic-at-large Cathy Horyn read her feature. Boredom and apathy dog the luxury industry, and no one — not the analysts, not the journalists, not LVMH chairman Bernard Arnault himself — can figure out why this is so. In April, LVMH reported that sales of clothes and leather goods were down for the seventh straight quarter.