Turnover at the French luxury group LVMH is rising thanks to massive purchases in China after the lockdown
It was another good day for the richest man in the world as sales at Bernard Arnault’s LVMH soared during a post-lockdown shopping spree in China.
The world’s largest luxury company posted a 17 per cent increase in turnover to £18.5 billion for the three months to the end of March – more than double the 8 per cent rise in turnover expected by analysts.
The French company, which owns Louis Vuitton and Dior, noted a “significant recovery” in demand in Asia after Covid restrictions eased.
‘Rebound’: LVMH, led by boss Bernard Arnault (pictured with his daughter – and Christian Dior boss – Delphine Arnault) posted a 17% increase in sales
While consumers have had to tighten their belts due to a crisis in the cost of living, the demand for LVMH’s watches and handbags seems insatiable.
Last month’s Paris Fashion Week was a “huge success” for Louis Vuitton, it said, while a collaboration with Japanese artist Yayoi Kusama at their flagship store made a standout.
Shares in LVMH are up nearly 32 percent over the past year, as chief Arnault (pictured above with his daughter — and Christian Dior boss — Delphine Arnault) became just the third person in history to make a fortune of $200 billion last year. (£160bn) amassed week.