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Louis Vuitton owner LVMH sees shares skyrocket

by LLB Reporter
13th Apr 23 11:05 am

 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.”

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