LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, reported a 4.5 percent growth in revenue to nearly 12 billion euros ($16.3 million) for the first nine months of 2008, year-over-year. The company added that when stripped of foreign exchange rates (organic growth), revenues were up 10 percent for the period.
Watches and jewelry sales grew 11 percent to 656 million euros ($894.4 million) for the period, year-over-year, making this category the top performer in terms of percentage growth for the Paris-based luxury conglomerate. In organic growth terms, the category sales increased 9 percent for the period.
The company credited TAG Heuer high-end product strategy, particularly the success of its Grand Carrera collection. Hublot saw strong revenue growth in all its regions. Zenith recorded particularly strong growth in the Middle East. De Beers reported a high level of growth in revenue, including in the U.S., the company added.
Its other categories performed as follows:
* Wines & Spirits, 2.04 billion euros ($2.78 billion), down 2 percent
* Fashion & Leather Goods, 4.24 billion euros ($5.78 billion), up 5 percent
* Perfumes & Cosmetics, 2.08 billion euros ($2.83 billion), up 6 percent
* Selective retailing, 3 billion euros ($4.1 billion), up 5 percent
In the third quarter of 2008, LVMH said it achieved organic revenue growth of 6 percent. It did not provide reported results for the period.
In its outlook, the company said that despite the current global economic and financial crisis, it confirmed its previous objective of a “tangible increase in its results in 2008.”