Montreal-based Birks and Mayors has been slowly rebuilding its bottom line since earnings collapsed in 2009 after the credit crisis unfolded. Losses of $61 million that year have been reduced to $7.7 million in 2011. And while no company is immune to an economic tempest, some upscale companies clearly weathered the storm better than others.

Unlike Birks and Majors, neither Tiffany & Co., nor Richemont (the global luxury brand company that owns and markets Cartier, among other leading brands) racked up losses during the last downturn. While both saw profits decline more that 25 per cent in 2008, the slowdown for them was temporary. Both companies kept their earnings in positive territory and managed to rebound significantly so that by early 2011, corporate profits exceeded pre-recession levels.

In early 2010, Optical Prism spoke to Steven Wilson who operates two high-end eyewear boutiques in Vancouver. At the time, he was confident things were already picking up in the segment. He confirms it’s been a good 18 months since then: business is still improving. Wilson’s upper-income clientele (who mostly purchase frames between $350-$2500) have been able to maintain their spending habits. “Unlike you and I,” he adds, lightly. But does the robust nature of the luxury segment make it right for all eye care professionals?

Dan Shaw, a lecturer and director of the commerce program at Dalhousie University, says that it is best to hire a management consultant with retail expertise to assess market opportunities. “There are lots of boutique management consultancies, and there are some that specialize in premium products and wealthy buyers.” So there are options beyond the “big four” consulting firms, including advertising agencies that also have market research arms.