Wednesday, 28 July 2010

LVMH First-Half Net Profit Jumps 53%, Showing Luxury's Return

French luxury goods group LVMH SA said Tuesday that profit in the first half increased by 53 percent after a "robust rebound" in demand for expensive watches and jewelry and fine Champagne.
The Paris-based conglomerate behind Louis Vuitton luggage, Givenchy gowns and TAG Heuer watches reported net profit of euro1.05 billion ($1.37 billion) in the six months through June, up from euro687 million a year earlier.
LMVH Chairman Bernard Arnault said all business lines contributed to growth — including, notably, watches and expensive bubbly, which had seen demand tumble during the recession.
"The group approaches the end of the year with confidence," Arnault said in a statement.

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