Alex has written for Vanity Fair, Barrons, Bloomberg and Condé…
LVMH, the world’s biggest luxury goods firm, has said it believes consumers are back in the spending habit. The group reported a forecast-beating 13% rise in like-for-like sales in the three months to 31 March, helped by strong growth in the US and Europe. The Paris-based maker of Louis Vuitton handbags, Hennessy cognac, and Tag Heuer watches saw sales top 4.47bn euros ($6.3bn; £4bn). LVMH said that all its five divisions saw double-digit revenue growth. The luxury goods industry has been hard hit by recession, but consumer spending is up and companies are replenishing their stocks, LVMH said. –from BBC
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.