French luxury goods group LVMH delivered a “remarkable” year as profits soared and sales shot up by 19%.
Sales at the group, which is the parent company of brands including Bulgari, Louis Vuitton and Celine, rose 19% in 2012 to €28.1bn (£24.3bn). The company said it saw “excellent momentum” across Europe, Asia and the US as LVMH’s net profit rose 12% €3.42bn (£2.96bn).
The group’s fashion and leather goods arm recorded organic revenue growth of 7% over the year as profits grew by 6%. Designer label Louis Vuitton delivered double digit revenue growth while handbag brand Baguette had a record year.
Chairman and chief executive Bernard Arnault said: “2012 was another remarkable year for LVMH, especially in the context of the economic slowdown in Europe. All of our businesses demonstrated excellent momentum driven by innovation and the quality of their products, thereby strengthening their positions in traditional markets while continuing to develop in new ones.”
He added: “Looking beyond the appeal of our brands, it is the talent of our teams and their motivation that enables us to so effectively execute our strategy. In 2013, LVMH intends to further strengthen its global leadership position in high quality products by relying on its sound, long-term strategy.”