LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, reported $10.8 million in sales for the first nine months of 2004, a 7% increase over the same period in 2003. Organic sales growth (comparable structure and constant exchange rates) is 13% better than the previous year. The company reported third quarter organic sales growth at 10%.
“This performance reflects the exceptional appeal of LVMH brands and products, which continued to increase their market share, the success of the Group’s strategy and the effectiveness of the teams who succeeded in achieving ever-increasing results,” the company said in a statement. .
The watches and jewelry unit posted a 6% rise in sales to $438.3 million for the first nine months of 2004, which drove the business group’s overall organic growth of 25%.
TAG Heuer, which is celebrating 40 years of Carrerra, delivered a very strong performance in the U.S. and in Asia, as did Zenith, the company said. The watch Chiffre Rouge, developed by Hedi Slimane for Christian Dior, also received an “excellent reception.”
LVMH said it expects to continue to achieve sales growth over the remainder of the year despite the high comparison with the strong sales reported in the fourth quarter of 2003. Tourism levels have continued to gradually improve in October and the economic growth in the US and Asia continues.
“In this context, LVMH confirms its objective of a significant increase in operating income in 2004,” the company said.