By Laura McGuire
Luxury conglomerate LVMH reported organic revenue growth of 14 per cent at its third quarter results as it was bolstered by cash rich shoppers splurging on makeup and designer goods.
The fashion giant, which owns the likes of Louis Vuttion and Dior, said revenues jumped 11 per cent year-on-year in its leather and fashion goods division to €30.9bn (£25bn).
LVMH said this was driven by demand for Christian Dior goods and its new Louis Vuttion watches which launched during the term.
At its selective retailing arm, revenues grew 23 per cent to €12.4bn due to growing popularity for its makeup storeSephora in North America, Europe and the Middle East.
However the company said its wine and spirits division continued to struggle with revenues down 10 per cent year-on-year to €4.6bn.
LVMH said sales for its Hennessy cognac were impacted by the challenging economic environment in the US.
LVMH said: “In an uncertain economic and geopolitical environment, the group is confident in the continuation of its growth and will maintain a strategy focused on continuously enhancing the desirability of its brands.
“LVMH will draw on its powerful brands and the talent of its teams to further strengthen its global leadership in the luxury goods market in 2023.”
