PARIS, Feb 19 — After a year of record sales and profits despite slowing global growth the luxury sector is looking to the reopening of China to deliver further expansion in...
PARIS, Feb 19 — After a year of record sales and profits despite slowing global growth the luxury sector is looking to the reopening of China to deliver further expansion in 2023.
The company’s chief executive, Bernard Arnault, wants to continue along that path in 2023, “at the risk of becoming boring”.Sales at Hermes jumped 29 per cent to €11.6 billion and profits soared 38 per cent to a record €3.4 billion. With the restrictions having restrained consumption, the reopening of the Chinese economy is being looked at as a growth opportunity for 2023.
Guiony does not expect Chinese tourists to return to Europe, where they traditionally spent heavily on luxury goods, before next year.LVMH’s Arnault said it was no secret that China needs growth and that the government would likely take steps to facilitate economic expansion as the country reopens.
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