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LVMH fashion and goods division sees 24 per cent rise in sales in Q3

  

Third quarter sales of French luxury group LVMH's fashion and leather goods division rose strongly even as the group’s overall revenue growth in Asia and the United States eased due to its stellar first-half performance. Sales of LVMH’s fashion and leather goods division rose to 24 per cent during as star labels Louis Vuitton and Dior gave a boost to business. Revenues from the division rose 38 per cent above pre-pandemic levels at the end of the quarter.

The company showed a marked improvement in performance in Europe in the third quarter, even without deep-pocketed visitors from Asia, as local travel resumed over the summer. Revenues from the US grew 28 per cent while those in Asia grew by 12 per cent. The group did not face any supply chain issues given its manufacturing is largely based in Europe and also brushed off concerns about rising shipping costs, noting that the group has sufficient margins to cope.

Overall like-to-like sales rose 20 per cent to £15.51 billion ($17.90 billion) in the three months to September. Jean-Jacques Guiony, Chief Financial Officer, said the company would continue to focus on broadening the appeal of its blockbuster acquisition, US jeweler Tiffany, by refocusing its product assortment and ongoing marketing efforts.

 
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