LVMH Eyes Recovery because the Stella McCartney -Selang sells back to the British designer
LVMH has praised a recovery during Christmas when it sold its interest in fashion label Stella McCartney to the British designer.
The French group, whose brands Givenchy, Celine and Louis Vuitton are, achieved an increase in turnover of 1 percent to £ 20 billion in the last three months of last year.
The group had its first quarter of sale since Covid in the three months to the end of September.
LVMH Supremo Bernard Arnault said that he sees a ‘wave of optimism’ in the US, where the luxury industry has set his hope for a revival after the return of Donald Trump to the White House.
Arnault, 75, one of the world’s richest men, attended Trump in Washington earlier this month with members of his family.
But there were still signs that a delay in China – the world’s second largest economy and a crucial market for luxury goods – has reached the demand for expensive handbags and clothing.
Royal Next: Stella McCartney (photo with King Charles) has bought the ring that LVMH bought in her fashion label
The sale at LVMH’s division Fashion and Leather Goods – the majority of the company and the home base of brands Louis Vuitton and Dior Labels – dropped 1 percent.
And the Wine and Spirits division, which includes & Chandon and Veuve Clicquot, saw an 8 percent fall when drinkers made the switch from champagne to cheaper alternatives.
But areas including watches and jewelry, as well as perfume and cosmetics did better.
Arnault said: “This capacity to endure the storm in very turbulent times is another proof of the power and relevance of our strategy.”
The update came when Stella McCartney, 53, bought the 49 percent interest LVMH that was held in its model.
The move ‘reflects her desire to write a new page independently in her story’ after five years of investment, said a joint statement from LVMH and McCartney yesterday.
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