LVMH’s strong third-quarter sales prompted a spike in share prices across the industry.
and declared that “growth continues at the same pace.” Bernard Arnault’s luxury behemoth recorded revenue of roughly $54.8 billion in the first nine months of 2022, up 28 percent compared to the same period last year. The boom in sales indicates that shoppers have not lost their appetite for high-end designer goods, even in such tumultuous times.
LVMH said sales in Europe, the US and Japan have rocketed since the start of the year due to the ongoing demand of local clients and the recovery of international travel. Well-heeled Americans have also taken advantage of the dollar’s strength in the UK and Europe,The watches and jewelry category pulled in around $7.3 billion in revenue for LVMH.
Guiony noted that watches and jewelry had performed particularly well in the past nine months. Indeed, the category was up 23 percent compared to the same period last year and pulled in around $7.3 billion in revenue. He added that these products in particular tend to do well in an inflationary environment because they hold their value. He also highlighted that there had been a shift in purchases of silver jewelry to gold jewelry at Tiffany & Co.
Hermès and Kering will be reporting third-quarter sales on October 20. Perhaps you should buy a few more shares now before another spike.
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