Harriet Agnew in Paris
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Sales of fashion and leather goods surged at LVMH so far in 2018, helping the world’s largest luxury group by revenues to beat analyst expectations in the first quarter.
LVMH said on Monday after market close that stripping out of the impact of currency and acquisitions, organic revenues grew 13 per cent in the first quarter to €10.85bn. This is ahead of the €10.64bn expected by analysts polled for Reuters.
The growth was led by fashion and leather goods, its largest division, where sales were up 16 per cent to €4.27bn during the three months.
Revenues grew on a double-digit basis across all main business lines: wines and spirits (+10 per cent), perfumes and cosmetics (+17 per cent), watches and jewellery (+20 per cent) and selective retailing (+9 per cent).
LVMH is the first of the large luxury houses to report its first-quarter results and continues the positive trend of 2017 in which it recorded a record year. The sector as a whole was buoyed in 2017 by the return of Asian customers shopping both at home and abroad.
Last month Louis Vuitton, LVMH’s profit engine, said that it plans to open at least two new leather workshops this year and next to meet demand for its leather goods and handbags.
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