Luxurious large LVMH says third quarter gross sales grew by 20% By Reuters

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© Reuters. FILE PHOTO: Shoppers, sporting protecting face masks, queue in line in entrance of a Louis Vuitton store contained in the division retailer Le Printemps Haussmann in Paris following the outbreak of the coronavirus illness (COVID-19) in France, Might 28, 2020. REUTERS/Go

PARIS (Reuters) -Gross sales at French luxurious large LVMH grew by 20% within the third quarter, fuelled by urge for food for high-end trend from shoppers desirous to splash out following months of pandemic lockdowns.

LVMH, which sells a variety of luxurious merchandise spanning Moët & Chandon champagne and Bulgari timepieces, mentioned on Tuesday like-for-like gross sales, stripping out the impact of international trade fluctuations, rose to fifteen.51 billion euros ($17.90 billion) within the three months to September.

Progress was roughly in keeping with an analyst consensus forecast for a 21% rise cited by Barclays (LON:), after a stellar second quarter which noticed revenues surge by 84%.

In comparison with 2019, earlier than the COVID-19 pandemic hit, gross sales on the finish of September had been 11% increased, the identical fee as within the first half.

LVMH’s trend and leather-based items division, the group’s largest enterprise accounting for almost half of group gross sales, posted 24% progress, lifted by the recognition of its star labels Louis Vuitton and Dior.

The luxurious items sector has bounced again strongly from the well being disaster, even when worldwide journey, a key progress driver in pre-pandemic instances, has not absolutely resumed, with spending from Chinese language buyers, for instance, now going down on an area degree.

“Inside the context of a gradual exit from the well being disaster, the group is assured within the continuation of the present progress,” LVMH mentioned in a press release.

($1 = 0.8664 euros)

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