World’s largest luxury group, LVMH, reported this week a positive growth first quarter of 2012, better than the laest quarter of fiscal 2011. “The first quarter net sales for over a year and higher than the last quarter of last year, so it does not start too badly,” said Bernard Arnault, owner of LVMH. This is why “we are relatively confident about the development of our business” in 2012, he said.
Several LVMH companies such as Louis Vuitton, Celine, Givenchy and Dom Perignon released in early February record results for 2011, with sales exceeding 23 billion euros and a net profit of more than 3 billion euros.
“We must remain alert to potential turbulence (worldwide), the consequences of problems that can occur on the European currency, but nevertheless we will continue on our path, to invest in our business,” said Mr. Arnault . “The world as a whole will grow by around 4%, and we export to 80%”, he further said to explain his optimism.
Mr. Arnault said LVMH’s objective “is not really revenue but to provide the best quality to our customers to enhance the image of our brands, the pleasure of our shareholders and therefore profitable for our shareholders. “
Bernard Arnault welcomed the input of funds from Qatar Holdings, controlled by the emirate’s gas-rich Gulf, in the capital of LVMH. It took 1.03% in 2011, but the announcement was made that mid-March. “Qatar has bought shares, like other investment funds. I am delighted that our group attracts aggressive investors who want to invest like this,” said Mr. Arnault.
adapted from AFP
More from NEWS
IHG announced that following an extensive refurbishment due to commence in early 2020, InterContinental Hong Kong, originally a Regent, will …
Intercontinental Hotels Group is reportedly working with a property investor to participate in the £1.2 billion (US$1.7 billion) auction of …