Louis Vuitton owner signals luxury demand

LVMH, owner of the Louis Vuitton, Fendi and Dior brands, reported record revenue last year as economic recovery in key territories lifted sales across its portfolio.

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Revenue for 2010 increased 19% to €20.3bn (£17.15bn), exceeding the €20bn mark for the first time, the group says. Group profit increased 29% to €4.3bn (£3.63bn).

All but one of the group’s units reported double digit growth with a particularly strong performance by its watch and jewellery business, up 21% to €985m (£832m), driven by strong sales of Hublot and Tag Heur.

Bernard Arnault, chairman and CEO of LVMH, says: “The quality of our products, the originality of our brands and the talent of our teams bolstered by the economic recovery allowed us once again to gain market share throughout the world.

“In 2011, LVMH intends to further strengthen its global leadership position in high quality products by relying on its sound long term strategy.”

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