Shares in LVMH, the world’s largest luxury company, have hit a record hihh after it smashed analysts’ expectations thanks to a rebound in demand in China.
Last night LVMH, which owns the Louis Vuitton and Dior fashion houses, as well as Hennessy cognac and U.S. jeweler Tiffany, reported a 17% rise in sales to €21.04bn for the first three months of this year.
Demand in China rebounded sharply after COVID-19 lockdowns.
LVMH said it had enjoyed “an excellent start to the year”, within an “uncertain” geopolitical and economic environment.
It said: “Europe and Japan, which enjoyed strong growth momentum, benefited from robust demand from local customers and international travelers; the United States, a market which continues to grow, had a steady performance.
“Asia experienced a significant rebound following the lifting of health restrictions.”