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Louis Vuitton sales up 20% as wealthy shoppers continue to indulge in high fashion
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French luxury giant LVMH has seen sales soar as wealthy shoppers continue to indulge in fashion.
The group behind Louis Vuitton, Hennessy brandy and Moet & Chandon champagne also received a boost from the easing of Covid restrictions in China, a key market for high-value goods.
Turnover rose 19 percent to £17.2 billion in the third quarter of 2022.
French luxury giant LVMH boosted by easing Covid restrictions in China, a key market for high-value goods
The group warned of ‘uncertain prospects’ but is confident that sales will grow at the same pace for the rest of the year.
The most recent results brought sales for the first nine months of the year to £49.4 billion, 28 per cent higher than the same period last year.
The most important fashion and leather goods division, which also includes Fendi and Christian Dior, saw the fastest growth at 31 percent. Flagship brand Louis Vuitton also shone.
Wines and spirits have also experienced rapid growth this year, helped by a ‘particularly strong’ performance in Europe, with sales up 23 percent from the same time in 2021.