The world’s richest man Bernard Arnault has obtained a lift after his luxurious items firm LVMH reported a 17% rise in international gross sales.
The group, which owns manufacturers together with Moët, Hennessy and Louis Vuitton, recorded income of €21bn (£18.5bn) within the first quarter of 2023.
LVMH hailed its “excellent” begin to the yr because it got here regardless of ongoing international financial uncertainty amid the Ukraine warfare and issues over inflation.
It stated a “significant rebound” in gross sales in Asia had been a significant component, following the easing of COVID-19 lockdown restrictions, significantly in China.
Elsewhere, the corporate reported “strong” development in Europe and Japan, however described its efficiency within the United States as “steady”.
The whole income marks a 17% rise on the identical interval final yr.
It comes simply months after Mr Arnault, who is almost all shareholder, chairman and CEO of LVMH, overtook Twitter and Tesla boss Elon Musk to develop into the world’s richest man.
Forbes estimated earlier this month that the 74-year-old Frenchman’s private fortune stood at $211bn (£168bn) due to LVMH’s success.
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Latest outcomes present the corporate’s gross sales of style and leather-based items grew by 18% within the quarter, whereas its perfumes and cosmetics enterprise – and its watches and jewelry group – had been each up 11%.
A LVMH spokesperson stated that executives had been cautiously optimistic concerning the yr forward.
“In an uncertain geopolitical and economic context, LVMH remains both vigilant and confident at the start of the year,” they stated.
“The group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution.”
In January, the posh items firm recorded whole income of €79.2bn (£69.7bn) in 2022 and revenue of €21.1bn (£18.6bn), each up 23% on 2021’s figures and a brand new report for the group.
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Source: information.sky.com”