Hermès share sale generates large profit
Its Fashion & Leather Goods division established the largest growth, up 10 % to 10.8 billion euro. Perfumes & Cosmetics (+ 5 %) and Watches & Jewelry (+ 3 %) also managed growth, while its Wines & Spirits division dropped 5 %, down to 3.97 billion euro. Issues in China were to blame for the division’s weaker performance last year.
“The 2014 results confirm the capacity for LVMH to progress despite economic and currency uncertainty. Revenue and net profit reached new record levels”, LVMH CEO Bernard Arnault said.
2014’s net profit grew 64 % to 5.65 billion euro, because the company was forced to sell its stake in French fashion brand Hermès following a a dispute with the brand about the acquisition of those shares.
