Despite economic uncertainties, French luxury group LVMH has beaten estimates and achieved a 19 per cent growth as reported in its recent Q3 financial results statement.
With economic headwinds gathering momentum and global leaders on high alert, many businesses would expect a general slowdown with revenue most likely to take a dip as consumer confidence falls. For French luxury conglomerate LVMH Moët Hennessy Louis Vuitton, it was a smooth third quarter as the company posted double-digit growth of 19 per cent compared to the same period last year.
For the past three months to 30 September, the group’s sales totalled €19.76 billion and the results have well-exceeded the estimates of €18.83 by analysts from. The group also reported that all of its business units recorded healthy double-digit growth. Overall, in the first nine months of 2022, LVMH’s revenue grew by 28 per cent which amounted to €56.5 billion when compared to the same period in 2021.
Breaking down the results further into its geographical contribution, the group noted that a dip in sales from the US where it saw a 22 per cent growth for the last quarter. For the third quarter, it reported only 11 per cent as the euro slipped below the US dollar and prompted higher sales in capitals like Paris and Milan. The robust demand from domestic clients and the improvement in foreign travel contributed to the strong increases in Europe, the US, and Japan since the year’s beginning.
At the fashion and leather goods division, the key engine of growth of the group saw its revenue expand by 22 per cent for the third quarter. The group highlighted the continued successes of Louis Vuitton which was “driven as ever by an exceptional creativity and the quality of its products.” Many products of the Maison enjoy good reception from customers and a special mention goes to the Tambour Twenty collector’s watch which celebrated its 20th anniversary and was embodied by Bradley Cooper.
Stablemate Christian Dior also enjoyed good sales across its product range and the group spotlighted the reopening of the
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