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Chinese market continues to drive DFS salesChinese market continues to drive DFS sales
John Rimmer
20-Apr-2006
LVMH's Selective Retailing division, comprising DFS Group and Sephora, posts reported growth of 9% in the first quarter of 2006
LVMH Moët Hennessy-Louis Vuitton recorded €3.6bn ($4.3bn) in revenue in the first quarter of 2006, representing year-on-year growth of 15%. Of the company's divisions, Selective Retailing—including DFS Group and Sephora—posted the most modest growth although sales, at €895m ($1.08bn), were 9% up on 2005.LVMH said that DFS "continues to benefit from the rapid evolution of Chinese tourism", while the Okinawa Galleria, opened last year, had proved a success.
LVMH's Wines & Spirits division recorded first-quarter growth of 23% to €632m ($761.4m), driven by volume growth in champagne and Hennessy cognac's "exceptional progress" in Asia, notably China. LVMH said that its high-end ranges had shown the most promising growth.
Fuelled by a Japanese market described by LVMH as "buoyant again", the group's Fashion & Leather Goods division achieved growth of 14% to €1.3bn ($1.6bn). Reporting 18% growth in its Perfumes & Cosmetics business, LVMH paid tribute to the "extraordinary success" of the Capture Totale skincare collection from Parfums Christian Dior. Watches & Jewelry, meanwhile, posted growth of 23% to €150m ($180.7m).
LVMH said that economic growth in Asia and the Americas, allied to recovery in Europe and more favourable currency markets, would help the group achieve its aim of "very significant growth" in 2006.
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