LV 2011 Will Employ 700 Leather Workers.

2011/5/27 10:27:00 49

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Today, the demand for luxury goods has begun to pick up. Since the financial crisis of 2009, the consumer confidence of the rich has begun to recover, and retailers are beginning to replenish their stock.

LVMH group has gradually gained 20.2% stake in Hermes and announced plans in March this year.

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Bvlgari, the world's third largest jeweller, aims to double the watch and jewellery business of the group.

LVMH, the world's largest luxury goods group, announced that its sales rose 17% in the first quarter as wealthy customers bought more Givenchy handbags and Heng Bao (Hublot) watches.

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Revenue rose from 4 billion 470 million euros last year to 5 billion 250 million euros, and the group, based in Paris, France, recently said that sales rose by 14% compared with analysts' average forecast of 4 billion 980 million euros.

LVMH said in a statement that it will continue to grow well this year and maintain its leadership in the global luxury market by continuing the trend towards the end of 2010.

LVMH said its main revenue came from clothing and leather goods business, an increase of 17%, driven by the growth of LV (LouisVuitton) brand.

A person familiar with the matter said LV could probably hire as many as 700 leather workers this year to meet rising demand.

LVMH group revealed that watches and jewellery revenues increased by 28%, and sales of wine and spirits rose 20%.

Sales of champagne rose 8% in the quarter, while Hennessy Cognac rose 16%.

Thanks to Dior's charm of lipstick and Guerlain's one thousand and one night perfume demand, the group perfume and

Cosmetics

Sales increased by 9%, and the income of self selected retail businesses, including the sale of silk and duty-free shops, rose by 20%.

After the Japanese earthquake, Bernard Arnott, chief executive of LVMH group, said that although its stores in Tokyo were not as numerous as usual, the southern and western parts of Japan had not yet been affected.

Japan accounts for about 9% of LVMH's total sales.

The company said sales in the US, Europe and Asia were "strong".