Leather goods drive LVMH 2003 profits
One of the world’s leading luxury goods group, LVMH, has posted strong profits for the full year 2003, driven by the strength of the Louis Vuitton brand which generated record growth.
The company’s operating income increased 9% to Eur2.2 billion while net sales declined 6% to Eur12 billion.
The group said that sales in the fashion and leather goods division were up in spite of the weakness of the US dollar and the SARS epidemic. Operating income rose 32%, exceeding 2002 levels.
LVMH said: “Thanks to the appeal and quality of its products, as well as a dynamic innovation programme, Louis Vuitton maintained its operating income at a record level, unique in the luxury goods sector.”
LVMH opened the world’s largest Louis Vuitton store in
