Why are LVMH sales soaring despite the global inflation crisis? American tourists are returning to Europe and splashing out on Louis Vuitton and Dior luxury goods – despite the US recession
In a sign of the enduring demand for pricey goods, sales at the company’s fashion and leather goods unit soared 22 per cent on an organic basis in the third quarter. Analysts had expected a gain of 16 per cent.
LVMH Moët Hennessy Louis Vuitton SE – to give the firm its full name – is the first high-end group to report revenue for the three months ending September. So far the industry has avoided the squeeze on spending that other retailers and consumer goods companies have faced amid a growing cost-of-living crisis.
- Sales at LVMH jumped in the third quarter of 2022, soaring up 22 per cent thanks to US tourists enjoying a weak euro on their travels – despite fears of an economic meltdown
- The luxury conglomerate said overall sales in Europe, the US and Japan have been strong for months due to a solid local demand and resumed international travel