LVMH Rises to Record as Chinese Consumers Drive Sales Surge
- All regions grew in first quarter but US now slowing down
- LVMH had ‘strong start’ of 2023 on China, Europe: Stifel
LVMH shares rose to a record after Chinese shoppers emerged from the world’s strictest lockdowns and splashed out on luxury handbags and jewelry, driving a surge in sales at the Louis Vuitton owner.
Organic sales at the group’s biggest unit, which sells fashion and leather goods, rose 18% in the first quarter, almost twice the gain that analysts were expecting. The division’s growth in China came in at a double-digit percentage, Chief Financial Officer Jean-Jacques Guiony told analysts Wednesday.