Leather goods drive LVMH sales surge
The recovery in tourism is being cited by LVMH Moët Hennessy Louis Vuitton for the upsurge seen in its first half revenues.
On a like for like basis, revenues were up 14% on the year before to €5.67 billion, as sales by the largest LVMH division of Fashion and Leather Goods, including the core Vuitton leather luggage brand, climbed 11% to €2 billion. Vuitton sales were particularly strong in the
In fact, sales were up across all the company’s divisions, as fears of terrorism and SARS receded and duty-free sales correspondingly increased. Particularly strong increases have been recorded by the company’s Wines and Spirits division (up 19%) and Watches and Jewellery (up 32%).
Though a quarterly breakdown was not provided, the rate of growth in the second quarter was reported to be even stronger, rising 19% to an estimated €2.83 billion.
Full first half results will be released by LVMH in September.
