In the bag: Louis Vuitton keeps rivals on toes with solid results
LOUIS Vuitton owner LVMH has set a high bar for rival luxury goods companies all trying to capitalise on Chinese demand for high-end handbags and clothing, as sales growth picked up pace in the first quarter.
Some luxury manufacturers are struggling more than others to hold on to their vital Chinese clients, who make up over a third of industry sales and are increasingly spending on high-end wares at home rather than overseas.
LVMH cited a "buoyant environment" at the start of the year and said all regions were experiencing "good growth". The French conglomerate, which owns other labels like Christian Dior, was boosted by a strong performance in its leather goods unit, while sales of spirits like cognac improved from a quarter earlier.