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LVMH luxuriates in another record year
[PARIS] French luxury group LVMH said on Thursday it bagged another record year in terms of sales in 2017 and profits passed the five-billion-euro mark.
"LVMH achieved another record year," said chief executive Bernard Arnault.
"The excellent performance, to which all our businesses contributed, is due in part to the buoyant environment."
Revenues grew by 13 per cent to 42.6 billion euros (S$69.5 billion) and net profit jumped by 29 per cent to 5.1 billion euros.
And Mr Arnault said LVMH - whose 70 brands range from Louis Vuitton, Hennessy and Givenchy to Celine, Guerlain and Sephora - was "cautiously confident" for 2018.
"In an environment that remains supportive at the beginning of the year and despite unfavourable currencies and geopolitical uncertainties, LVMH is well-equipped to continue its growth momentum across all business groups in 2018," he said.
By division, the fashion and leather goods business was able to lift sales by 13 percent to 15.4 billion euros last year, LVMH said.
In the selective retailing division, revenues were up by 13 per cent to 13.3 billion euros, while sales of perfumes and cosmetics increased by 14 per cent to 5.6 billion euros.
Sales in the wines and spirits division advanced by seven per cent to 5.1 billion euros.
"Champagnes grew steadily, with volumes up four per cent. With 7.5 million cases of cognac shipped in 2017, Hennessy's volumes increased by eight per cent, with significant growth in China and the United States despite supply constraints in the second half," LVMH said.
Sales of watches and jewellery expanded by 12 per cent to 3.8 billion euros.