Demand for luxurious items bounces again from the pandemic as shares in Louis Vuitton-owner LVMH soar 34%
French luxurious items large LVMH noticed a surge in earnings as demand bounced again from the pandemic.
The proprietor of Louis Vuitton, Hennessy cognac and Moet & Chandon champagne reported a revenue of £8.6billion for the primary half of 2022, up 34 per cent on the identical interval a yr in the past, as gross sales jumped 28 per cent to £31billion.
LVMH famous gross sales in Europe and the US have risen ‘sharply’ because the begin of the yr, offsetting decrease ranges of progress in Asia brought on by Covid-19 lockdown measures in China.
Luxurious life: Louis Vuitton and Moet & Chandon-owner LVMH reported a revenue of £8.6bn for the primary half of 2022, up 34% on the identical interval final yr
The group hailed a ‘outstanding’ efficiency for its vogue and leather-based items manufacturers, which embrace Louis Vuitton and Christian Dior, with the division’s gross sales rising by 24 per cent.
Gross sales of its champagne jumped 16 per cent as a result of ‘significantly good’ performances in Europe, the US and Japan.
The perfumes and cosmetics enterprise posted a 13 per cent progress in gross sales, though earnings declined by 1 per cent as a result of a ‘extremely selective’ distribution and promotions coverage.
LVMH boss Bernard Arnault stated the corporate was approaching its second half ‘with confidence’.
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