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LVMH posts 53% jump in first half net profit

Strong sales at Louis Vuitton, Christian Dior and Fendi helped French luxury goods company LVMH record a 53% increase in first half net profits.

The group, which also owns Givenchy and watch maker TAG Heuer, reported profits of €1.050bn (£876.8m) for the six months to the end of June. It saw double-digit revenue growth across all business divisions leading to a 16% rise in group revenue to €9.1bn (£7.6bn).

The fashion and leather goods arm reported an 18% increase, driven by Louis Vuitton, to €3.5bn (£2.9bn). It added that Fendi and Donna Karan have also had a good start to the year. The watches and jewellery division grew sales by 28%, the biggest rise across LVMH, to €443m (£369m), thanks to an increase in purchases by retailers and a rise in consumer demand. It noted the Tag Heuer, Hublot and Zenith brands had all performed well and that Fred, Chaumet and De Beers had benefited from their network of stores.

The group added that sales in Asia, except Japan, had been strong but there has also been a return of demand across Europe and the US.

Bernard Arnault, chairman and chief executive of LVMH, said: “The 2010 first half results, once again, demonstrate the exceptional appeal of our brands as well as the effectiveness of our strategy, as pertinent in the context of a recovery in 2010 as it was during the global economic crisis in 2009.”

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