LVMH –parent company of luxury brand, Louis Vuitton – reported a 22 per cent rise in profits for the first half of its financial year.
“LVMH’s excellent performance in the first half demonstrates the exceptional appeal of our brands, the attraction of high quality artisanal products and the pertinence of our strategy,” Bernard Arnault, chairman and chief executive of LVMH said.
TAG Heuer was LVMH’s stand out brand with selective store openings boosting sales. LVMH plans to accelerate the development of its watch-making capacity this year.
In addition, LVMH, which owns 76 per cent of Italian jewellery luxury brand Bulgari, anticipates making a tender offer for the remaining shares at the end of August.
According to statistics reported for the first half of this year, LVMH’s presence in the Asian market continues to grow with 28 per cent of their revenue figures coming from the Asian region.
The luxury group is optimistic in its outlook for 2011 and revealed that it wants to develop its brands and expand into high-potential markets.
“We approach the second half of the year with confidence and are relying upon the creativity and quality of our products as well as the effectiveness of our teams to pursue further market share gains in our historical markets as well as in high potential emerging markets,” Arnault said.
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