LVMH (Moët Hennessy Louis Vuitton), one of the world’s leading luxury product groups, reported that its consolidated sales in 2002’s first quarter reached a record 2,955 billion Euros (about $2.7 billion) That is 8% over the first quarter of 2001, which itself had a 12% rise.
“The increase in LVMH sales reflect the excellent performances of the Group brands in an environment made difficult by the continued sluggishness in travel retail,” noted the company report.
However, sales for LVMH’s watch and jewelry division for the quarter were flat, with no significant change compared to 2001. First quarter sales tallied 122 million Euros (about $111.5 million) compared to 121 million Euros (about $110.6 million) in 2001. Sales were particularly strong in Wines & Spirits and Fashion & Leather as market share was increased in both sectors.