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LVMH Sees Q3 Sales Rise By 20 Pct

LVMH Sees Q3 Sales Rise By 20 Pct

LVMH Sees Q3 Sales Rise By 20 Pct

LVMH’s fashion and leather division saw sales rise by 20 percent in the third quarter, even as revenue growth in Asia and the United States is slowing down in the second half of the year.

The company noted that the growth in its fashion and leather business was being led by its two-star brands Dior and Louis Vuitton, which helped drive a 24 percent increase. The company’s fashion and leather division accounts for nearly half of its sales and its revenue at the end of the quarter was 38 percent above pre-pandemic levels.

While the company is seeing overall business growth, it is seeing its revenue in the Asian market lag, largely because countries in the region are reimposing COVID-19 restrictions. LVMH, however, has not seen a change in consumer behavior in China, which is the world’s largest luxury goods market.

That being said, there are growing concerns surrounding growth prospects in China among retail brands and investors as the country’s president, Xi Jinping, has recently been making a push toward wealth redistribution.

“We don’t see any reason that this could be detrimental to the upper-middle class that is the bulk of our customer base,” said LVMH CFO Jean-Jacques Guiony. “We believe this should comes as a relief to investors, especially after the August wobble in the sector and doubts on Chinese demand trends and even if other divisions reduce their growth versus 2019 in the third quarter.”

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