LVMH leathergoods still the powerhouse of the group
17/04/2013
Revenues reached EUR 2.4 billion, although it did not specify totals for each brand. It mentioned Fendi as a company that was benefitting from developments in its leather offering.
The group said in a statement: “Louis Vuitton relies on its incomparable know-how to further strengthen its product lines in order to offer its clients the highest quality and best service.”
Analysts have criticised the French group for not growing as quickly as had been expected in China. LVMH chief financial officer Jean-Jacques Guiony said demand had been "flattish" due to a weakening in economic growth and a government crackdown on gifts for favours.
He added that the yen's weakness discouraged the Japanese from spending abroad but had boosted sales domestically.
Half of Louis Vuitton’s business is tied to Asia "directly or indirectly”.
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