LVMH enjoys post-lockdown sales boom as shoppers turn to luxury goods
Sales at French luxury giant LVMH swelled 20 per cent in the third quarter as shoppers rushed to buy high-end fashion amid the return of socialising.
The company said like-for-like sales, stripping out the effect of foreign exchange fluctuations, rose to 15.51 billion euros ($17.90 billion) in the three months to September.
It sells a range of high-end goods from Moët & Chandon champagne and Bulgari timepieces.
Growth was roughly in line with an analyst consensus forecast for a 21 per cent rise cited by Barclays, after a strong second quarter where revenues rose 84 per cent.
The group’s fashion and leather goods division, its largest business, reported 24 per cent growth, thanks to labels Louis Vuitton and Dior.
“Within the context of a gradual exit from the health crisis, the group is confident in the continuation of the current growth,” LVMH said in a statement.