(Corrects first paragraph to say strong development in U.S. and Europe, not U.S. and China)
PARIS – Gross sales at LVMH, the world’s largest luxurious group, rose by 19% within the three months to June, as strong development within the U.S. and Europe helped it offset a brand new spherical of lockdowns in China.
LVMH, which owns dozens of excessive finish labels starting from Tiffany to Moet & Chandon, mentioned gross sales got here to 18.73 billion euros ($18.95 billion) within the second quarter, beating analyst expectations for 17.13 billion euros in a Seen Alpha consensus cited by UBS.
The expansion tempo within the second quarter was a tad slower than within the first three months of 2022, when group gross sales had climbed by 23%.
Demand for vogue and leather-based items from its star labels Louis Vuitton and Dior eased up barely from excessive ranges at first of the 12 months, rising by 19% within the quarter, as flows of travelling consumers returning to Europe helped to mitigate disruptions to enterprise in China.
The wine and spirits division bounced again strongly from logistical and provide constraints earlier this 12 months, rising 30%, whereas gross sales from selective retailing, which incorporates Sephora, rose 20%.
LVMH has been tapping into robust, post-pandemic demand for its designer labels as socializing resumes and consumers proceed to spend financial savings from lockdowns, dismissing considerations about turbulent inventory markets and rising costs.
The corporate’s robust second quarter is setting the tone for rivals, with Gucci-owner Kering reporting its personal first half outcomes on July 27 and Hermes on July 29.
($1 = 0.9882 euros)
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