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.



Shein Reportedly Files for Hong Kong IPO to Save London Listing

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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Shein Reportedly Files for Hong Kong IPO to Save London Listing

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

China-founded fast-fashion retailer Shein has filed for an IPO in Hong Kong to accelerate the listing process and pressure Britain's regulators to approve its planned London debut, the Financial Times reported on Tuesday.

The company privately filed a draft prospectus last week with Hong Kong's exchange and sought a regulatory nod from the China Securities Regulatory Commission, the report said, citing people familiar with the matter.

Reuters could not immediately verify the report. Shein did not immediately respond to a Reuters request for comment.

The company filed for a Hong Kong listing partly to pressure the UK regulator into easing its risk disclosure rules and to keep alive for what could be London's biggest IPO in years, the FT report added.

Reuters first reported in June that Shein was planning to file a draft prospectus confidentially for its Hong Kong listing, citing three sources with knowledge of the matter.

Reuters also reported in May, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators.

If UK's Financial Conduct Authority is willing to accept a CSRC-approved prospectus, London would still be Shein’s preferred exchange, the FT report said, adding that chances were still slim, given that the regulators’ requirements were still wide apart.