LVMH, the world's largest luxury goods group, is stepping up its global expansion plans despite fears of a slowdown in demand for its products.
The Paris-based group behind Christian Dior perfumes, TAG Heuer watches and Louis Vuitton handbags, posted profits close to €6bn (£5bn) for 2012, and said like-for-like sales were up 9 per cent. Bernard Arnault also outlined plans to step up expansion of its brands, saying: "LVMH intends to further strengthen its global leadership position in high-quality products."
Fourth-quarter sales rose 8 per cent, an improvement on the previous three months' 6 per cent, but far behind the double-digit growth that luxury brands enjoyed in previous years. Mr Arnault said the group's brands continued to gain market share globally, and its flagship Louis Vuitton label reported double-digit revenue growth during the year.