Final hours! Save up to 55% OFF InvestingProCLAIM SALE

LVMH on 'a very good track' for first half, CEO says

Published 06/16/2022, 05:51 AM
Updated 06/16/2022, 06:26 AM
© Reuters. FILE PHOTO: A logo of LVMH is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. REUTERS/Benoit Tessier/File Photo

PARIS (Reuters) - LVMH chairman and CEO Bernard Arnault said on Thursday the French luxury goods giant was on a "very good track" regarding its performance for the first six months of the year.

"I am optimistic, you will see the numbers," Arnault told reporters during a tech event in Paris, referring to his group which owns labels Louis Vuitton and Dior.

Arnault said he was optimistic central banks in the United States and Europe could slow inflation without triggering a recession, noting “the global economy is at a turning point."

© Reuters. FILE PHOTO: A handbag manufactured at the Atelier Louis Vuitton is pictured during the inauguration in Vendome, France, February 22, 2022. REUTERS/Benoit Tessier

The luxury industry started the year strongly, riding a wave of demand for high end goods from consumers eager to spend money saved during the pandemic as socialising resumed.

But recent lockdowns in China, a key growth driver for European luxury houses, have prompted concern that demand for high end fashion and accessories could slow.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.