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.



Michael Kors Owner Capri's CFO to Join Macy's as Finance Head

People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
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Michael Kors Owner Capri's CFO to Join Macy's as Finance Head

People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)

Capri Holdings' chief financial officer and operations head, Thomas Edwards, will leave the luxury holding company to assume similar roles at department store chain Macy's in June.

Edwards, who has been with the company since April 2017, will be succeeded by unit Michael Kors' Rajal Mehta as interim CFO, Reuters reported.

The change at Capri comes amid reports of Italian luxury group Prada moving closer to a deal for its Versace brand.

In March, Capri said Donatella Versace would step down as the main designer for Versace after almost three decades.

Edwards will replace Adrian Mitchell at Macy's. Mitchell, appointed finance head in 2020, was most recently involved in a turnaround at the Bloomingdale's parent rolled out by CEO Tony Spring.