LVMH recently released its third quarter financial report, which detailed an astonishing 16 percent increase in total revenue, as well as a 15 percent organic revenue growth for the company’s fashion and leather goods group alone. According to the report, the world’s largest luxury group earned a total of €38.4 billion EUR (approx. $42.4 billion USD) in revenue during the first nine months of 2019.
Vogue Business reported that LVMH confirms high sales from Louis Vuitton and Christian Dior largely contributed to the impressive statistics. LVMH CFO Jean-Jacques Guiony noted in a recent call with investors that when it comes to both brands, “the recipe works, and we do not change the recipe.” He continues to explain that the “winning formula” is “a combination of distribution investments and product investments,” also stating that “there is not a particular product responsible for the growth.” Perhaps appointing Virgil Abloh as Louis Vuitton’s menswear designer and Kim Jones as Dior’s artistic director are continuing to pay off.
To accommodate growing sales, Louis Vuitton recently announced that it aims to create around 1,500 new jobs through new production facilities in its home country of France, and Dior recently opened a new boutique in Paris.
Take a look at Dior’s new Paris store on Champs-Élysées below, then learn about what brands teens in the US are spending money on in the “Taking Stock with Teens Survey.”