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prada sport men shoes inspiration and craft, makes among the best margins in the industry and, unlike others, has been able to increase them significantly.Known also for its "H" embossed belts and decades old perfumes such as Bel Ami and Caleche, Hermes generated an operating margin of 25.1 per cent in the first half, up from 24.8 per cent last year.In comparison, Italy's Tod's group, famous for its soft, pebble soled shoes, saw its first half operating margins stay flat at 18.2 per cent while Gucci's margin on recurring first half operating income also remained flat, at 28 per cent.But PPR's Gucci group of brands, which includes fashion design houses Yves Saint Laurent, Alexander McQueen and Stella McCartney, beat forecasts with operating profit of 300 million euros.In August, Fitch Ratings predicted large international luxury goods companies would remain resilient in the current difficult environment."Given that luxury goods are discretionary expenditure, it seems counterintuitive that they are not as affected by the economic slowdown as food spending," said Johnny Da Silva of Fitch's retail team."Geographical diversification, tight control of brand development and distribution network, pricing power and size are key factors for their success," he added.Hermes is the European luxury sector's most expensive stock. It is trading at 34 times this year's earnings, which puts it at a wide premium to the sector average of about 16.LVMH, owner of Louis Vuitton leather goods and Champagne house Moet Chandon, is on 15 times while Tod's is on about 13.5 times and Gucci owner PPR, which also has retail operations, is on about 11 to 12 times.Hermes stock has also been alone among its peers in climbing this year, having gained more than 10 per cent.Some analysts warned that some stocks, such as Hermes, could prove vulnerable in the short term as macro economic forecasts continue to deteriorate, however."The time horizon for a rewarding investment in the luxury sector seems to move forward as forecasts converge to indicate increasing risks of a recession," Bernstein Research said in a note.It added that, in the short term, some luxury stocks such as PPR that trade to a discount to the sector, on the back of