LVMH revenue growth slows
Luxury goods purveyor, LVMH – Moet Hennessy Louis Vuitton, says profit from sales of Bulgari watches, Givenchy gowns, and other high-end fashions was almost flat last year while revenue growth slowed sharply.
The fashion company, headquartered on Paris’ elegant Champs Elysees boulevard, on Thursday reported net profit of 3.44 billion euros ($A5.42 billion) in 2013, up only 0.4 per cent from 3.42 billion euros in 2012.
Sales growth slipped to four per cent last year from 19 per cent a year earlier, with the watches and jewellery and fashion and leather goods divisions posting lower year on year sales.
Chairman, Bernard Arnault, said in a statement the results showed “another excellent performance despite exchange rate volatility and slower growth in the European markets”.
The company also warned that Europe’s economic environment remains “uncertain”.
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