A tourist boom in Europe and resilient US sales helped LVMH, owner of Louis Vuitton, post higher-than-expected revenue for the second quarter, offsetting a drop in its Chinese business after strict Covid-19 lockdowns began to take their toll.
However, momentum at the French group still slowed from one quarter to the next after the setbacks in China, the luxury goods industry’s second-biggest market.
Revenues reached €18.4bn, up 19 per cent year on year when stripping out the effect of acquisitions and currency swings — higher than the average 11 per cent forecast by analysts, but below the 23 per cent rise notched up three months earlier.
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