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LVMH posts strong first-half performance

LVMH, the French luxury goods group behind brands including Louis Vuitton, Celine, Dior and Marc Jacobs, has recorded a 25% increase in first-half profits for the six months ended June 30.

The group said profits rose €1.31bn (£1.16bn) up from €1.39bn (£0.93bn), a year earlier. Sales were up 13% during the period to €10.3bn (£9.09bn) up from €9.1bn (£8.03bn) in the same period the previous year.

In the first half of this year, LVMH signed a $6bn (£3.65bn) deal to absorb the Roman jeweler Bulgari, which was cleared by the European Commission last month.

The luxury group has also increased its stake in rival luxury firm Hermès International to 21.4% in the first half of this year, up from the 20.2% it declared last December.

The better-than-expected figures follow strong first-half results from other European luxury brands. Last week, Hermès reported a 17.9% rise in sales in the second quarter, while revenues at Burberry increased 30% in its first financial quarter.

“We approach the second half of the year with confidence and are relying upon the creativity and quality of our products as well as the effectiveness of our teams to pursue further market share gains in our historical markets as well as in high potential emerging markets,” said Bernard Arnault, president and chief executive of LVMH.

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