LVMH hailed a recovery in sales over Christmas as it sold its stake in fashion label Stella McCartney back to the British designer.
The French group, whose brands include Givenchy, Celine and Louis Vuitton, posted a 1 per cent rise in sales to £20billion in the final three months of last year.
The group had suffered its first quarterly sales drop since Covid in the three months to the end of September.
LVMH supremo Bernard Arnault said he sees a ‘wave of optimism’ in the US, where the luxury industry has pinned its hopes on a revival following Donald Trump’s return to the White House.
Arnault, 75, one of the world’s richest men, attended Trump’s inauguration in Washington with members of his family earlier this month.
But there were still signs that a slowdown in China – the world’s second largest economy and a crucial market for luxury goods – has hit demand for expensive handbags and clothes.
Royal following: Stella McCartney (pictured with King Charles) has bought back the stake LVMH bought in her fashion label
Sales at LVMH’s fashion and leather goods division – the biggest part of the business and home to brands Louis Vuitton and Dior labels – slipped 1 per cent.
And its wine and spirits division, which includes Moet & Chandon and Veuve Clicquot, saw an 8 per cent fall as drinkers made the switch from champagne to cheaper alternatives.
But areas including watches and jewellery as well as perfume and cosmetics fared better.
Arnault said: ‘This capacity to weather the storm in highly turbulent times is yet another testament to the strength and relevance of our strategy.’
The update came as Stella McCartney, 53, bought back the 49 per cent stake LVMH held in her fashion label.
The move ‘reflects her desire to write a new page in her story independently’ after five years of investment, a joint statement from LVMH and McCartney said yesterday.
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