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Boosted by its fashion and leather goods division, the French luxury conglomerate has posted third-quarter results that beat analysts’ estimates.
LVMH global sales increased to €9.14 billion, exceeding the analysts’ estimates of €8.92 billion. Revenue was up 6% on an organic basis, against the predicted 4% median estimate.
The positive growth was mainly driven by its fashion and leather goods divisions, which registered a 5% increase in the third-quarter.
“Asia, excluding Japan, showed a significant improvement during the quarter. The U.S. remains well positioned, as does Europe, with the exception of France which continues to feel the impact of a decline in the number of tourists”, said a company statement.
At the announcement of results, LVMH’s shares rose 1.1% to €157.05 in Paris.
In early October, the French luxury conglomerate announced it acquired an 80% stake in premium German luggage brand, Rimowa, for €640 million. Read more here.