Fashion
LVMH Sales Soar as Dior Owner Boosted by Traveling Americans
- Strong dollar pushes US tourists to splurge on luxury items
- Company to maintain cost control against ‘uncertain’ backdrop
A shopper browses the window display of a Christian Dior SE luxury store in Paris.
Photographer: Cyril Marcilhacy/BloombergLVMH sales jumped as the owner of Louis Vuitton and Christian Dior benefited from wealthy American tourists splurging on luxury goods in Europe.
Defying fears of a global recession, sales of LVMH’s fashion and leather goods soared 22% on an organic basis in the third quarter, the company reported Tuesday. Analysts had expected a gain of 16%. Even so, the company said it will control spending as uncertainty persists.