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Louis Vuitton Bags Still Sell Well Despite Easing Growth
- LVMH’s fashion, leather goods unit posts 24% growth in quarter
- Sales of watches and jewelry were hurt by restrictions in Asia
Photographer: Cyril Marcilhacy/Bloomberg
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LVMH’s sales growth eased from the previous quarter, when purchases of Louis Vuitton bags and other luxury items surged after stores reopened from lockdowns.
Organic revenue at the fashion and leather goods unit rose 24% in the third quarter from a year earlier, the company said in a statement Tuesday. Analysts had expected a gain of 21%. In the second quarter, sales in that key division had more than doubled from a year earlier, when stores were mostly shut during the first wave of Covid.