The world’s biggest luxury group, LVMH, shows no signs of slowing down despite the global downturn.
Its sales in the third quarter beat forecasts at just over six billion euros – a rise of 15%.
The maker of Louis Vuitton handbags says shoppers have continued spending throughout the year, especially in its key markets like China.
LVMH says it’s also benefited from currency fluctuations and the acquisition of Italian jeweler, Bulgari, which it bought earlier this year.
That helped boost sales at its watch and jewelry division by 76%. Wines and spirits also did well with an increase of 11%.
Strong sales at LVMH follow those from luxury brands Burberry and Prada.
The company says it’s sure the trend will continue. But some fear the eurozone debt crisis could push the world back into recession and China could suffer a slowdown.
Bottom line: The world’s largest luxury goods group, LVMH – maker of brands like Louis Vuitton – has bucked the global economic slowdown to post forecast-beating third-quarter sales growth.