Louis Vuitton and Christian Dior owner’s LVMH reports stronger-than-expected sales despite turmoil in Hong Kong
) boosted stocks across the luxury goods sector on Thursday, as months of unrest in Hong Kong proved less of a drag on the Louis Vuitton owner in the third quarter than expected.
In the first real glimpse of the impact across the sector, LVMH said revenues were down roughly 25% in the July to September period in Hong Kong. Analysts had projected industry sales there could potentially have halved. Helped by a booming fashion and handbag division - home to Vuitton and Dior - LVMH shrugged off much of the hit from Hong Kong, with a strong performance in the rest of Asia, Europe and the United States, and third-quarter sales beat forecasts.
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