LVMH: the Latest Luxury Brand to Forge Through Tough Times
LVMH group announced healthy profits this week, despite the troubled European economy and faltering Chinese housing market. Revenues for the first half of 2012 topped 13 billion euros, up 26% compared to the first half of 2011.
According to LVMH Chairman and CEO Bernard Arnault, sales across all 60 of the conglomerate’s subsidiaries contributed to this year’s robust numbers. Most notably, newly acquired Bulgari doubled LVMH’s jewelry operations, which saw an increase of 13% in organic growth.
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