Leathergoods profits please LVMH
29/07/2009
The chief executive of LVMH, Bernard Arnault, said the group had had “an exceptional first half of the year, probably the best in the luxury sector”, in spite of net profits for the six-month period falling by 23% compared to the same period in 2008.
Mr Arnault pointed out that brands controlled internally, including leathergoods brand Louis Vuitton, had performed well and that it was divisions that are in the hands of distributors, including the group’s wines and spirits, jewellery and watches divisions, that had led profits to fall to €687m from €891m in the first half of 2008.
Profit from leathergoods increased by 7% on sales that were up by only 1%.
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