LVMH, the owner of Louis Vuitton and Tiffany, beat fourth-quarter sales forecasts on Tuesday, reports Reuters, boosting hopes of a luxury sector rebound.
The French group reported signs of a return to growth in Asia, with domestic Chinese sales rising in the quarter, confirming a recovery it has flagged for several months. Chinese shoppers—including those abroad—account for an estimated one third of all sales.
Total quarterly sales at the world’s largest luxury group came in at 22.7 billion euros ($27.1 billion), up 1% on a like-for-like basis versus expectations of a 0.3% decline in a consensus compiled by Visible Alpha.