LVMH Benefiting From Spirits as Watch Woes Hit Richemont: ChartBy
In a year when luxury-goods stocks have been hit by a slowdown in tourism, LVMH Moet Hennessy Louis Vuitton SE has bucked the trend, in part because the Paris-based company has a broader product range than rivals. Watch sales are slumping industrywide, for example, and Switzerland’s Cie. Financiere Richemont SA gets more than a quarter of sales from timepieces. LVMH, by contrast, will probably report third-quarter organic revenue growth of 4 percent after the market closes Monday, boosted in part by sales of cognac and other spirits, a business that the Cartier maker isn’t in.
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