Louis Vuitton sales soar as China’s luxury demand remains high

Louis Vuitton sales soar as Chinese demand for luxury goods shows no signs of slowing, despite investor fears


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Louis Vuitton’s owner said the uptick in luxury had continued into the fall, despite fears of a slowdown in China.

In August, Chinese President Xi called for a “common wealth” and wealth distribution, leading investors to worry that the country could impose measures to curb high-end consumption.

The warning put an end to a protracted rise in luxury stock prices, which saw shares in LVMH plunge 8 percent in two months, Gucci owner Kering 15 percent and Hermes 8 percent.

The owner of Louis Vuitton (where actress Emma Stone - pictured - is a brand ambassador) said demand for his luxury goods from China has remained high

The owner of Louis Vuitton (where actress Emma Stone – pictured – is a brand ambassador) said demand for his luxury goods from China has remained high

But LVMH, which also owns the watches from Moet & Chandon and Bulgari and is led by billionaire Bernard Arnault, said there was little change in consumer behavior in China in the three months to September.

Finance chief Jean-Jacques Guiony said: ‘We see no reason that this could harm the upper middle class who make up the bulk of our customer base.’

Shares in LVMH rose 3.2 percent, or €20, to €653.90 yesterday. Strong demand for the star labels Dior and Louis Vuitton ) increased sales of fashion and leather goods by 24 percent year-on-year.

The reopening of restaurants and tourism boosted performance in Europe and the US.

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