Arnault growth shrugs off sector slowdown
Bernard Arnault's luxury goods empire has yet again revealed strong growth across the Louis Vuitton to Christian Dior group, despite a slowdown in the sector.
LVMH recorded a 15 per cent rise in sales for the third quarter, with organic sales growth at 6 per cent. The figures, although lower than the 12 per cent organic for the second quarter, were still impressive in the face of a slowdown in China and Europe.
LVMH said: "Despite the background of an economic slowdown in Europe, LVMH remains confident in its outlook for 2012."
The group, which owns clothing, accessories, watch, champagne and spirit brands, reported revenues of €19.9bn (£16bn) for the first nine months of the year, up 22 per cent. This compared with 15 per cent growth for the same period last year.
Organic sales grew 10 per cent, while third-quarter sales of €6.9bn just beat forecasts.
The news from LVMH comes as consultancy Bain & Co released a report which said a change in government in China and a crackdown on corruption have hit spending on luxury goods in the region.
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