Caviar and champagne: Air France's luxury shift helps ride out Iran war impact

Smith said Air France's wealthiest customers have not been put off by higher prices. Some former private jet users are even switching to first class, he said, seeking to avoid the scrutiny attached to the higher emissions associated with private flights.

Premium, business and first-class cabins have all delivered growth in bookings and revenue this year, despite Air France raising fares to offset surging fuel costs, Smith said.

Revenue from first-class and premium travel has risen 11%, according to company data. Smith also played down concerns that rising inflation in the US could hit premium spending.

"We've raised ticket prices significantly, but no, it's quite solid. It's better than I would have expected," he said.

"All the luxury brands are based in Paris. We have more Michelin-starred restaurants than anywhere in the world in Paris," Smith said on the sidelines of a London awards show where Air France won best first-class cabin.