Sales are doing well at Louis Vuitton
The LVMH group is the largest distributor of products luxury goods in the world.
The Louis Vuitton Group (LVMH) on Tuesday reported better-than-expected sales in the third quarter, thanks in particular to the improvement in the activity in China with the easing of anti-COVID restrictions.
The quarterly turnover of the largest luxury group in the world amounted to 19.76 billion euros ($26.5 billion turnover), i.e. organic growth of 19% over one year, while the consensus of Visible Alpha quoted by UBS was expecting growth of 13%.
Europe, the United States and Japan, up strongly since the beginning of the year, benefit from solid customer demand and the resumption of international travel, the group said in a press release.
Asia (including China) saw less growth in the first nine months of 2022 even if the last quarter improves thanks to the partial easing of sanitary restrictions, he added.
The fashion and leather goods division, the largest of the group, posted up 22% from the same period in 2021.
Third-quarter results from LVMH, which also owns Sephora, Bulgari and Tiffany & Co, mark the start of the earnings season for the luxury sector.
Hermès and Kering, owner of Gucci, will publish their quarterly sales on October 20.