LVMH, the world’s biggest luxury goods group, said sales momentum picked up in June and had especially improved in China, after store closures tore a hole into second-quarter sales
), which are yet to report earnings, are exposed to similar trends, although LVMH’s business is more varied, as it also produces champagne and wine.In an encouraging sign for the sector, LVMH’s sales momentum improved across Asia excluding Japan in the second quarter, with comparable revenue falling by 13% versus a 32% slump in the previous three months.
That was a touch better than some analysts had expected, with those at UBS citing a consensus for a 39% fall in comparable sales. Run by France’s richest man Bernard Arnault, LVMH was in the middle of working through its $16.2 billion acquisition of U.S. jeweller Tiffany when the pandemic hit.
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