Cost-of-living pressures seem to be having little effect on the limited-edition luxury goods market, with a new collection from Louis Vuitton that taps into Millennial nostalgia close to selling out in Australia.

The storied luxury fashion house, widely known for its brown-and-beige monogrammed bags, has refreshed a 21-year-old collaboration with Takashi Murakami, the iconic Japanese contemporary artist known for his colourful, cartoonish designs.