Champagne corks are popping again in the luxury business as “It” bags and expensive watches this year sell like hotcakes from Beijing to New York, signalling the turning of a page after the global financial crisis.

As the owner of Gucci and Yves Saint Laurent, French luxury goods giant PPR, on Friday joined a string of high-end brands reporting ballooning 2010 profits, firms and consultants predicted rosy days ahead for luxury goods.

“The recession’s starting to look like an old memory for the luxury industry,” said analyst Matthew Curtin, quoted by Dow Jones Newswires.

PPR chief executive Francois-Henri Pinault said of the group’s doubled first half net profits, “very good results … in an economic environment that remains hesitant.”

French luxury designer Louis Vuitton opened its first boutique in the Lebanese capital Beirut on Thursday.

“For many years, the maison has maintained strong relations with Lebanese clientele and is proud to reiterate its engagement by offering a new store which respects the Beirutis’ heritage and patrimony,” said brand executive manager Yves Carcelle at the opening, which was attended by Prime Minister Saad Hariri.

Louis Vuitton commissioned local artist Marwan Rechmaoui to construct a special installation depicting images of Beirut for its storefronts.

LVMH CEO Bernard Arnault, the man behind some of the world’s top luxury labels, has been officially named France’s richest man.

Arnault’s fortune is estimated at 22.7 billion euros, ($28.6 billion) following a 55% increase in his net worth weekly magazine Challenges reported.

Arnault took over the top slot from Gerard Mulliez and family, the owners of the Auchan supermarket chain. Mulliez was still in second place with a fortune estimated at 19 billion euros.

The luxury goods market is rebounding from the slump caused by the global recession, but analysts say upscale sellers will be facing a hard slog due to changing demographics and lingering consumer caution.

Global luxury goods industry sales are expected to grow four percent in 2010 to 158 billion euros (195 billion dollars) after a painful 8.0 percent decline in 2009, according to the consulting firm Bain & Company.

In case you missed them the first time around, here are some of LUXUO’s top posts for the week of April 5-12.

1 – Louis Vuitton Parent LVMH to Launch Luxury Hotels

Luxury goods giant LVMH Moet Hennessy Louis Vuitton Thursday said it is creating a high-end hotel management business that will be branded Cheval Blanc.

2 РHerm̬s Launches Fine Jewelry Collection

Hermès has now made a striking entry into the world of fine jewelry with an exclusive collection designed by famous accessories designer Pierre Hardy.

3 – Ferrari takes wraps off new 599 GTO

According to Ferrari, the new 599 GTO, which will be introduced to the world at the 2010 Beijing Motor Show, is the fastest Ferrari street car ever.

4 – Cartier And America Exhibition

The Cartier and America exhibition, organized by the Fine Arts Museums of San Francisco and Cartier, has been extended until May 9.

5 – Hullett House celebrates Hong Kong’s heritage

Surrounded by some of Hong Kong’s swankiest shops, Hullett House is one of Hong Kong’s most exclusive hotels.

6 – Rare blue diamond auctioned in Hong Kong for $6.4 mn

A rare and flawless blue 5.16 carat diamond has been sold for $6.4m at an auction in Hong Kong.

7 - New York City’s Trump SoHo Hotel to open April 2010

When Trump SoHo New York opens in February of 2010, the 46-story glass tower will lend a new perspective on luxury hotels in downtown Manhattan and SoHo.

8 – Atreides Luxury Yacht With Retractable Pool

The Atreides Luxury Yacht, designed by Serbian designer Vuk Dragovic, has a retractable pool to safely enjoy water sports while boating.

9 – Montblanc Releases Bespoke Anti-Signature Fraud Ink

Earlier this week, Montblanc launched the groundbreaking personal code ink, which features a botanical ingredient that prevents the falsification of signatures.

10 - Karl Lagerfeld dresses the Coca-Cola Light bottle

Coca-Cola Light has teamed up with Karl Lagerfeld to design a limited edition box set.

Japanese architecture firm Sanaa, winners of the prestigious Pritzker prize, will plan the conversion of iconic Parisian department store La Samaritaine to other uses, owners LVMH said in a statement.

The firm, founded by Kazuyo Sejima and Ryue Nishizawa, is to present plans by the end of the year for converting the art deco building into a complex of shops, flats, offices and a hotel.

The store, once the biggest in Paris in terms of floor space, occupies a prime site overlooking the Seine river in central Paris.