Japanese performance spikes LVMH growth
Lower levels of demand in the critical Japanese marketplace will mean a more ‘challenging’ first half for Moet Hennessy Louis Vuitton, the company’s chairman has warned.
Speaking at LVMH’s annual general meeting last week, chairman Bernard Arnault said that although the company was still on target for double digit growth in sales and operating profit for the year, a combination of a weak yen and sluggish consumption in Asia would likely have a negative impact on first half results.
With the announcement shares in LVMH fell 7% to E64.94 - 35 per cent below their 12-month highpoint and underperforming competitors such as Gucci, Hermès and Bulgari.
During the meeting, Arnault also announced a global employee stock option plan for 44,000 staff in 53 countries. Those eligible will be granted 25 stock options at a unit price of E66.
