Luxury group LVMH posts record annual sales above €50 bil

PARIS: French luxury goods giant LVMH posted record 2019 sales of more than €50 billion Tuesday and said it would strive to stretch its lead in the global market this year.

LVMH, the world’s biggest luxury retailer, added that its net profit had jumped by 13% from 2018 to €7.17 billion.

“We can count on the strength of our brands and the agility of our teams to reinforce, once again in 2020, our leadership in the universe of high-quality products,” chairman and chief executive Bernard Arnault said in a statement.

The group recorded sales of €53.7 billion, an annualised gain of 15%.

While hailing the results, Arnault sounded a slight note of caution, saying: “In a buoyant environment that remains uncertain in 2020, we continue to be vigilant and focused on our objectives for progress.”

The group highlighted growth in Europe and the United States, and noted that results were also strong in Asia “despite a difficult environment in Hong Kong in the second half of 2019.”

In terms of product lines, the statement underscored “exceptional growth at Louis Vuitton and Christian Dior” along with the addition last year of the Belmond hotel group, a partnership with British designer Stella McCartney and an agreement to buy the prestigious US jewelry house Tiffany.