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Profits soar at LVMH

Luxury goods group LVMH reported a 12% increase in profits for its fashion and leather goods businesses in 2007.

The group, which owns Louis Vuitton, Celine, Loewe, Thomas Pink, Fendi and Marc Jacobs, said profits at its fashion and leather goods division reached €1.8 billion (£1.3bn) for the period on sales up 14% to €5.6bn (£4.1bn).

LVMH said the growth was led by Louis Vuitton, which achieved double-digit like-for-like growth in 2007 and an "exceptional level of profitability".

Total group sales rose 8% to €16.5bn (£12.3bn) while group profits jumped 12% to €3.5bn (£2.6bn).

Chairman and chief executive Bernard Arnault said: "The excellent performance in 2007 illustrates the vitality of our major brands which continue to strengthen and gain market share. The year also confirmed the strong potential of our high growth rising star brands and the group’s leading position in emerging markets. LVMH has showed record revenue in 2007 and has once again improved profitability.

"In an economic environment unsettled since the beginning of the year, we will rely on the strength of our growth model, the exceptional innovation of our brands and the talent of our teams to make 2008 another year of growth."

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