PARIS :Luxury goods group LVMH posted a 9 per cent rise in sales in the fourth quarter as shoppers in Europe and the United States splurged over the crucial holiday season, helping to partly offset COVID disruptions in China.Sales at the world's biggest luxury group came to 22.7 billion euros ($24.65 billion)
PARIS :Luxury goods group LVMH posted a 9 per cent rise in sales in the fourth quarter as shoppers in Europe and the United States splurged over the crucial holiday season, helping to partly offset COVID disruptions in China.
That marked a deceleration however from the 20 per cent growth recorded in the first nine months of the year, due to the hit in China from lockdowns and its subsequent exit from a zero-COVID policy, which has spurred a surge of infections in the world's second-largest economy. "The Chinese market has been complicated due to the health restrictions ... the second quarter was difficult, the third one better and the fourth one complex again," he said, adding the pandemic had"spread like wildfire" after authorities relaxed travel curbs in December, causing problems in warehouses, stores and distribution networks.
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