Full-year results from luxury conglomerate LVMH (FR:MC.) revealed a 10 per cent improvement in annual revenues to €46.8bn (£40.8bn) which, combined with good operating margin growth, left the group share of net profit up 18 per cent at €6.4bn. This marked a record for the company, which reported continued growth across Europe, the US and – crucially – Asia and Japan. Wine and spirits, along with perfumes and cosmetics, performed particularly well in China and Asia, respectively, putting to bed any concerns about an over-reliance on Chinese consumer spending.
As for the fashion and leather goods division, Louis Vuitton was the star performer, helping to log a 15 per cent rise in organic revenues and a 21 per cent surge in profits from operations. According to LVMH’s financial statements, Louis Vuitton is the only brand in the world that never holds a sale or sells its wares via discount outlets. The company also said it was an “excellent year” for brands including Bvlgari, Hublot and Tag Heuer.