LVMH posts document income and Bernard Arnault cheers ‘spectacular’ return of Chinese language vacationers

LVMH posts record profits and Bernard Arnault cheers 'spectacular' return of Chinese tourists

[ad_1]


Hong Kong/Atlanta
CNN
 — 

LVMH posted record results Thursday, and expressed confidence that China’s luxury market would bounce back this year as the country continues to reopen.

The world’s biggest luxury group logged revenue of €79.2 billion ($86.2 billion) and profit of €21.1 billion ($22.9 billion) for 2022, both up 23%.

In a presentation, the company said it was buoyed by the recovery of international travel and strong demand from local customers across Europe, the United States and Japan.

And in the coming months, “we have every reason to [be] confident, indeed optimistic, on the Chinese market,” LVMH

(LVMHF) CEO Bernard Arnault said on a conference call.

“There are green shoots in China,” he told analysts. “In Macao, where Chinese can now travel to, the change is quite spectacular. Stores are full. It’s…

[ad_2]