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Fashion sales rise 4% at LVMH

French luxury group LVMH has reported a 4% rise in like-for-like sales of fashion and leather goods for the nine months to September 30, despite the “uncertain economic environment” in Europe.

For the first nine months of the year, overall revenues rose 4.3% to €20.72bn (£17.50bn) with selective retailing the only business unit recording a double-digit gain, up 12.8%.

Reported sales in the sector slipped 1% to €7.139bn (£6.03bn) compared to €7.179bn (£6.06bn) for the same period in 2012.

Leather goods proved “very successful” in the third quarter, with footwear showing “excellent momentum” at Céline and new store openings in Paris and Milan for Fendi.

The company gave no specific guidance for the full year other than to “further extend its global leadership in the luxury market.”

The luxury group has been on the acquisition trail over the last couple of months having snapped a minority stake in London designer JW Anderson in September a week after buying a majority share in British label Nicholas Kirkwood.

 In July LVMH purchased a controlling stake of luxury Italian men’s and womenswear brand Loro Piana in a deal worth €2bn (£1.72bn).

But it faces some changes following the announcement earlier this month that creative director Marc Jacobs is to step down from Vuitton to concentrate on his own label and pursue and IPO. LVMH has yet to appoint Jacobs’ successor but industry reports indicate former Balenciaga creative director Nicolas Ghesquière remains the frontrunner for the position.

 

 

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