Retail in Asia

In Shops

LVMH 1Q sales beat expectations, defying slowdown

Revenue at LVMH, world’s largest luxury group, climbed 25 percent to EUR6.58 billion (USD8.64b), sales growing by 14 percent excluding currency shifts and acquisitions, up from 12 percent in the last three months of 2011.

Demand for LVMH’s products is rising even as China’s economy slows and Europe’s debt crisis weighs on consumer spending. The Sephora cosmetics chain and DFS duty-free stores led the gain as sales at the selective retailing unit surged 18 percent on a so-called organic basis.

(Source: cpp-luxury.com)