Sales at French luxury group LVMH surge thanks to post-lockdown shopping spree in China
It was another good day for the world’s richest man as sales at Bernard Arnault’s LVMH surged amid a post-lockdown shopping spree in China.
The world’s largest luxury firm posted a 17 per cent jump in sales to £18.5billion for three months to the end of March – more than double the 8 per cent rise in revenues expected by analysts.
The French company, which owns Louis Vuitton and Dior, noted a ‘significant rebound’ 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% jump in sales
Although consumers have had to tighten their belts due to a cost of living crisis, demand for LVMH’s watches and handbags appears insatiable.
Last month’s Paris Fashion Week was a ‘great success’ for Louis Vuitton, it said, while a collaboration with Japanese artist Yayoi Kusama at its flagship store made an eye-catching impression.
Shares in LVMH have soared almost 32 per cent over the past year while chief Arnault (pictured above with his daughter – and Christian Dior boss – Delphine Arnault) became only the third person in history to amass a fortune of $200buillion (£160billion) last week.
