As Chinese consumers buy luxury goods in the post -epidemic era, the sales of LVMH Group have soared.
According to Bloomberg, LVMH said in a statement on Wednesday (April 12) that the group's largest fashion and leather department's endogenous sales increased by 18%in the first quarter.This number is almost twice as expected by analysts.
The company said: "Under the circumstances where geopolitical and economic environment is still unclear, LVMH has opened a good start this year."
With the rise of Chinese consumers after the epidemic, the demand for Chinese consumers has rebounded back.Since this year, LVMH's stock price has rebounded more than 20%.In addition to Japan, the Asian market contributed 30%of sales in 2022, lower than 35%of the previous year. Strict epidemic prevention measures caused the sales of Dior handbags and Tiffany ring.
It is reported that the demand in various regions of LVMH this year has risen again.In terms of regions, Japan showed the strongest quarterly growth in the first quarter, sales soared by 34%, followed by the European market by 24%, and Asia outside Japan increased by 14%.The US market is still stable, with sales growth by 8%.
The French luxury giant said that its sales of its boutique retail departments increased by 28%, growing the strongest among all departments.
LVMH is the first luxury manufacturer to announce the first quarter performance, and is generally considered to be the leader of the industry.Another luxury giant Hermes will announce the quarterly financial report on Friday (14th).
