PARIS (Reuters) -Sales at French luxury giant LVMH grew by 20% in the third quarter, fuelled by appetite for high-end fashion from consumers eager to splash out following months of pandemic lockdowns.
LVMH, which sells a range of luxury products spanning Moët & Chandon champagne and Bulgari timepieces, said on Tuesday like-for-like sales, stripping out the effect of foreign exchange fluctuations, rose to 15.51 billion euros ($17.90 billion) in the three months to September.
Growth was roughly in line with an analyst consensus forecast for a 21% rise cited by Barclays, after a stellar second quarter which saw revenues surge by 84%.
Compared to 2019, before the COVID-19 pandemic hit, sales at the end of September were 11% higher, the same rate as in the first half.
LVMH’s fashion and leather goods division, the group’s largest business accounting for nearly half of group sales, posted 24% growth, lifted by the popularity of its star labels Louis Vuitton and Dior.
The luxury goods sector has bounced back strongly from the health crisis, even if international travel, a key growth driver in pre-pandemic times, has not fully resumed, with spending from Chinese shoppers, for example, now taking place on a local level.
“Within the context of a gradual exit from the health crisis, the group is confident in the continuation of the current growth,” LVMH said in a statement.
($1 = 0.8664 euros)
(Reporting by Mimosa Spencer, editing by Silvia Aloisi)
