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Lvmh Results Mortgage Crisis Not In Asia

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by Lauren Goldstein Crowe
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Oct 16 2007 12:00am EDT

LVMH Results: Mortgage Crisis? Not in Asia

LVMH has posted what Goldman Sacs analyst Jacques-Franck Dossin called it's best quarter in two years. The group's sales grew 10.3 percent, to a total of 4 billion euros or $5.54 billion. Asia continues to do well for the Vuitton brand, with sales up 50 percent in China.

It's another sign that global expansion is sure way forward for luxury brands. Although Gucci and Hugo Boss denied to analysts reports that U.S. department stores had held their fall deliveries, Nordstrom recently issued a profit warning in the U.S. when same store sales were 3.2% lower than anticipated in September. The company announced it would be marking down merchandise to make up for the lack of sales.

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