Riccardo Tisci signs on for three more years at Givenchy while LVMH profits soar
French luxury giant Moët Hennessy Louis Vuitton announce a 12 per cent profit rise as Riccardo Tisci extends his tenure at Givenchy.
Revenues were boosted by an accelerated sales growth in the fourth quarter WWD report.
"2012 was another remarkable year for LVMH, especially in the context of the economic slowdown in Europe" said LVMH chief executive Bernard Arnault.
The French luxury goods group which numbers fashion labels Louis Vuitton, Givenchy, Marc Jacobs, Céline, Fendi, Pucci, Kenzo and Bulgari among more than 30 brands, reported a net profit of £2.93 billion, compared with £2.67 billion in 2011.
The company also predicted it was on track for another healthy performance in 2013, no doubt boosted by news today that Riccardo Tisci has committed to another three years as creative director of Givenchy.
Central Saint Martins alumni, Tisci, joined the label in 2005 to oversee design of the womenswear, menswear, haute couture and accessories lines and is credited with turning the brand into one of Paris Fashion Week's hottest tickets.
He nearly turned down the job because he wanted to focus on his own label, but had a change of heart when his mother confessed that his family were having financial troubles.
Belinda White Telegraph.co.uk