Leading luxury products group LVMH Moët Hennessy Louis Vuitton announced it had recorded revenue of €26.3bn ($29.2bn) the first nine months of 2016, an increase of 4%. Organic revenue grew 5% compared to the same period in 2015.
LVMH’s Selective Retailing division, which houses duty-free arm DFS Group and beauty retailer Sephora, reported organic revenue growth of 6% for the period, despite a difficult tourist environment in Asia, particularly in Macau and Hong Kong.
After opening in Cambodia in H1 2016, DFS opened a new T Galleria in Venice, Italy, expanding its presence in major tourist destinations.
The group as a whole saw organic growth of 6% in Q3, an acceleration compared to the first half of the year. Asia, excluding Japan, showed a significant improvement during the quarter.
The United States remains well positioned, as does Europe, with the exception of France, which continues to feel the impact of a decline in the number of tourists.
(Source: DFNI Online)