Share Name Share Symbol Market Type Share ISIN Share Description
Burberry Group Plc LSE:BRBY London Ordinary Share GB0031743007 ORD 0.05P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -25.00 -1.2% 2,060.00 2,066.00 2,068.00 2,083.00 2,043.00 2,044.00 4,932,214 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Personal Goods 2,720.2 440.6 82.3 25.0 8,476

LVMH Allays Concerns on China Tensions -- WSJ

11/10/2019 8:02am

Dow Jones News

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By Matthew Dalton 

This article is being republished as part of our daily reproduction of articles that also appeared in the U.S. print edition of The Wall Street Journal (October 11, 2019).

PARIS -- Strong third-quarter results at LVMH Moët Hennessy Louis Vuitton SE buoyed shares across the luxury sector Thursday, easing fears that months of protests in Hong Kong and U.S.-China trade tensions would dent global sales of high-end brands.

Paris-based LVMH, the world's biggest luxury company, said its revenue for the quarter was EUR13.3 billion ($14.6 billion), an 11% increase after adjusting for the impact of currency fluctuations and acquisitions. LVMH's shares rose 5.9%, while the news boosted shares of Kering SA by 4.6%, Cie. Financière Richemont SA by 2.2% and Prada SpA by 1.1%. Burberry Group PLC rose 0.7%.

Investors had worried about the effect on sales of the protests against Beijing's encroachment on the autonomy of Hong Kong, a magnet for well-heeled shoppers from across Asia. Many of the city's high-end boutiques have been forced to close during waves of mass demonstrations since March.

LVMH is so large and has so many brands -- including Louis Vuitton, Dior, Fendi and Dom Pérignon -- that disruption in one shopping destination had little impact on its overall results. Louis Vuitton, the luxury industry's biggest brand, with annual sales estimated at more than EUR12 billion, "enjoyed a remarkable performance in all its businesses and in all regions," LVMH said.

The trade dispute between the Trump administration and China also seemed to have little impact. Chinese shoppers are the luxury industry's most important clients, accounting for roughly a third of global sales.

"This is a testament to the strength of the LV and Dior brands, as well as a reality check on the current global luxury demand momentum," Bernstein analyst Luca Solca wrote.

Hong Kong is particularly important for the Swiss watch industry, in most years ranking as its biggest market. In 2018, Hong Kong accounted for 14% of total Swiss watch exports. This year, the protests have had an impact, cutting exports by 6% through August.

The industry appears to be making up the slack in other markets, particularly mainland China. Swiss watch exports to China are up 14% this year. LVMH, whose main watch brands are TAG Heuer, Hublot and Bulgari, said watch and jewelry sales in the latest quarter rose 5% from a year earlier.

Write to Matthew Dalton at


(END) Dow Jones Newswires

October 11, 2019 02:47 ET (06:47 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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