No signs of depression for luxury giant LVMH, as sales rose 19 % last quarter – even more than expected. Luxury consumers are travelling and shopping again, so the Louis Vuitton owner shows no fear for the future.
Europeans are shopping again
LVMH is confident about the future, despite the uncertain climate. The luxury giant is optimistic it will keep up with its impressive pace of growth, after yet another supreme quarter in which sales climbed 19 % to 19.75 billion euros. That is four billion euros more than in the same period of 2021.
The Fashion & Leather division, the largest branch of the luxury conglomerate, once again showed the strongest growth, with sales up 22 % to 9.7 billion euros. Watches and jewellery grew by 16 %, wines and spirits by 14 %. Make-up retailer Sephora has also been performing excellent all year, LVMH adds. The format will soon open its first British shops.
In Europe, the United States and Japan, sales have risen sharply since the beginning of the year, as demand from local customers is “solid” again and international travel is also recovering. In fact, European sales were up 43 %. Asia grew less in the first nine months, although Covid restrictions finally started easing in China, leading to improvement.
