The sales of the French luxury conglomerate LVMH have increased as wealthy consumers continue to spend lavishly on fashion.
The group responsible for Louis Vuitton, Hennessy cognac, and Moet & Chandon champagne benefited from the relaxation of Covid restrictions in China, a vital market for luxury goods.
The third quarter of 2022 saw a 19% increase in sales to £17.2billion.
The company cautioned of an “uncertain prognosis” but is confident that sales will continue to increase at the same rate for the remainder of the year.
The company’s most recent reports increased sales for the first nine months of the year by 28 percent, reaching £49.4 billion.
Its fashion and leather goods division, which includes Fendi and Christian Dior, grew by 31%. Louis Vuitton’s flagship brand also sparkled.
The wines and spirits division has also experienced significant growth this year, aided by a “particularly robust” performance in Europe, with revenues up 23% compared to the same period in 2021.
