Fashion and leather goods sale help boost LVMH results
Strong sales of leather and fashion goods helped increase sales by the world’s biggest luxury goods group, LVMH (Möet Hennessy Louis Vuitton) by 2% in the first nine months of the year, the company reported yesterday.
Sales of fashion and leather goods, which comprise a third of total revenues, rose 12% to Eur2.65 billion ($2.5 billion) – the main drivers being the increased stake taken by the group in Italy’s Fendi and its purchase last year of the US designer, Donna Karan. An increase in travel sales was also cited, with particular growth being seen in the key Louis Vuitton leather goods brand from mid-August onward.
The group said it was now looking to post a "very significant" increase in operating income for the full year, with fashion and leather goods expected to account for around 65% of the total. Total group sales were $5.6 billion.
