PARIS (Reuters) – Shares in LVMH rose on Friday after the world’s largest luxury goods conglomerate reported an acceleration in its fourth quarter sales growth.
LVMH shares were up 3.9 percent in early session trading, and the rally in LVMH also lifted up the shares of its luxury goods rivals such as Kering and Hermes.
LVMH, which owns brands spanning Hennessy cognac to cosmetics retailer Sephora, said on Thursday that its fourth-quarter sales growth accelerated, reaching 20.04 billion euros ($22.31 billion) overall, with growth led by the French group’s biggest earners Louis Vuitton and Dior.
The luxury labels propelled a 28% rise in sales of LVMH’s largest division, fashion and leather goods, on a like-for-like basis, beating analyst expectations for 16% growth. Revenues for the business in the last three months of last year came in 51% above their 2019, pre-pandemic level.
($1 = 0.8984 euros)
(Reporting by Mimosa Spencer; Editing by Sudip Kar-Gupta)