Wednesday, April 16, 2008
LVMH Shares Rally As Asia Helps Boost Sales
As the American economy teeters on recession, luxury makers can only hope that the international markets pull through in order to boost their bottom line.
LVMH must be very happy about their ever-expanding presence in Asia. Marketwatch is reporting that shares rallied on Wednesday after strong first-quarter sales indicated that wealthy customers aren't afraid to splurge thousands of dollars on a new handbag or watch even as the global economy has worsened.
The fastest growth was in watches and jewelry, where revenue rose 12% to 211 million euros. The fashion and leather-goods arm reported revenue of 1.45 billion euros, up 7%.
Shares in the company rose 3.5% in Paris, having gained as much as 5% in early trading.
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