LVMH Q2 Sales Climb 19%, Offsetting Slower China

A logo of LVMH is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. (Reuters)
A logo of LVMH is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. (Reuters)
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LVMH Q2 Sales Climb 19%, Offsetting Slower China

A logo of LVMH is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. (Reuters)
A logo of LVMH is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. (Reuters)

Sales at LVMH, the world's largest luxury group, rose by 19% in the three months to June, as robust growth in the US and China helped it offset a new round of lockdowns in China.

LVMH, which owns dozens of high-end labels such as Tiffany, said sales came to 18.73 billion euros ($18.95 billion) in the second quarter, beating analyst expectations for 17.13 billion euros in a Visible Alpha consensus cited by UBS.

The growth pace in the second quarter was a tad slower than in the first three months of 2022, when group sales had climbed by 23%.

Demand for fashion and leather goods from its star labels Louis Vuitton and Dior eased up slightly from high levels at the start of the year, rising by 19% in the quarter, as flows of travelling shoppers returning to Europe helped to mitigate disruptions to business in China.

LVMH has been tapping into strong, post-pandemic demand for its designer labels as socializing resumes and shoppers continue to spend savings from lockdowns, brushing off concerns about turbulent stock markets and rising prices.

The company's strong second quarter is setting the tone for rivals, with Gucci-owner Kering reporting its own first half results on July 27 and Hermes on July 29.



Muted London Fashion Week Wraps up with Burberry Show

 A model prepares backstage for the Conner Ives catwalk show at the Savoy Hotel during London Fashion Week in London, Britain, February 23, 2025. (Reuters)
A model prepares backstage for the Conner Ives catwalk show at the Savoy Hotel during London Fashion Week in London, Britain, February 23, 2025. (Reuters)
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Muted London Fashion Week Wraps up with Burberry Show

 A model prepares backstage for the Conner Ives catwalk show at the Savoy Hotel during London Fashion Week in London, Britain, February 23, 2025. (Reuters)
A model prepares backstage for the Conner Ives catwalk show at the Savoy Hotel during London Fashion Week in London, Britain, February 23, 2025. (Reuters)

London Fashion Week wraps up with Burberry sending its Autumn/Winter collection down the catwalk on Monday, capping off a relatively muted event in the rainy British capital.

Brands are grappling with a reduced appetite for luxury products worldwide, while a slimmed-down schedule with several absentees have raised concerns about London Fashion Week's future.

Still, there was room for spectacle -- from striking silhouettes in designer Harris Reed's opening show and hats made of glass by master milliner Stephen Jones.

On the catwalks, the bubble skirt from the 1980s in several forms was one of the trends spotted.

Meanwhile, Irish designer Sinead O'Dwyer set out to show all women can be sexy, no matter age and body type.

- Burberry -

Hopeful fashionistas have been holding out for the biggest name of the week -- British megahouse Burberry -- which showcases its collection at 1900 GMT at the Tate Britain museum.

The fashion giant famed for its trench coats and signature tartan print is going through a difficult period, and is the subject of rumors about the departure of its creative director.

Daniel Lee arrived a little over two years ago and has tried to give the British mega-house a facelift.

Lee could be replaced by English designer Kim Jones, who left Dior Men at the end of January after seven years, according to media reports.

Burberry, which has been experiencing months of financial difficulty, began an "emergency" refocusing on its iconic products such as the famous trench coat late last year in a bid to stave off falling sales.

Last month it announced a further decline in sales, hit by weak demand in China, but the troubled group was showing signs of recovery under new leadership and the decline was less severe than forecast.

- Slipping behind -

Despite the presence of renowned designers such as Simone Rocha and Richard Quinn, and promising stylists such as S.S. Daley and Harris Reed, several fashion experts said London Fashion Week was falling further behind Paris and New York every year.

"There is a bit of a damp spirit, an empty feeling, to the London schedule at the moment," Daley told The Guardian newspaper before his show.

Caroline Rush, the director of the British Fashion Council which organizes London Fashion Week, acknowledged it was "a particularly challenging time" for British brands.

Brands have been dealt several blows following the pandemic, such as Brexit and last year's closure of the global luxury online platform Matches Fashion.

This year's event is almost a day shorter than the previous Autumn-Winter 2024 fashion week, with several designers opting for a dinner or presentation instead of a pricier runway show.

Buyers and influencers such as Beka Gvishiani of Style Not Com, an Instagram account that charts fashion news, did not make the trip, while Northern Irish designer Jonathan Anderson was also absent with his brand JW Anderson.

Rush, who is organizing her last London Fashion Week, said London Fashion Week remains "so relevant because ... we have so many small independent businesses, they need a platform to be able to show to reach global audiences."