Louis Vuitton sales up as China’s demand for luxury items reveals no signal of slowing regardless of investor’s fears
The proprietor of Louis Vuitton stated the bounceback in luxury had continued into the autumn regardless of fears of a slowdown in China.
In August, China’s president Xi known as for a ‘widespread prosperity’ and wealth distribution, prompting traders to fret the nation may impose measures to curb high-end consumption.
The warning ended a future of share-price development within the luxury sector, sending shares in LVMH down 8 per cent, Gucci-owner Kering down 15 per cent and Hermes down 8 per cent in two months.
The proprietor of Louis Vuitton (the place actress Emma Stone – pictured – is a model ambassador) stated demand for its luxury items from China has remained high
But LVMH, which additionally owns Moet & Chandon and Bulgari watches and is headed by billionaire Bernard Arnault, stated there was little change in shopper behaviour in China within the three months to September.
Finance chief Jean-Jacques Guiony stated: ‘We do not see any cause that this may very well be detrimental to the higher center class that’s the bulk of our buyer base.’
Shares in LVMH rose 3.2 per cent, or €20, to €653.90 yesterday. Strong demand for star labels Dior and Louis Vuitton ) helped sales of trend and leather-based items to rise 24 per cent year-on-year.
The reopening of eating places and tourism boosted efficiency in Europe and the US.