LVMH’s third quarter revenue has reportedly exceeded analysts’ estimates, as growth in Europe and Japan have offset the slump in China. Their sales climbed 16% to €8.58bn; analysts predicted €8.53bn, according to the median of 18 estimates compiled by Bloomberg.
Chinese customers continue to purchase designer gear, even as the country’s stock market slumped and currency devalued, a challenge all luxury companies are facing in the world’s second-largest economy. Europe and Japan have benefited as Chinese consumers have been purchasing their leather goods, cognac and watches abroad. “In an uncertain economic and financial environment, LVMH will continue its strategy focused on innovation and targeted geographic expansion in the most promising markets,” LVMH said in the statement.