Louis Vuitton’s parent has luxury goods revenue in the bag

Pedestrians walk by a LVMH luxury store store in Salzburg, Austria. Picture: BLOOMBERG/AKOS STILLER

The strong performance allays about concerns about the effects of the Hong Kong disruptions, showing that Chinese demand, which is increasingly driving growth in the global luxury industry, remains robust. The demonstrations against the tightening grip of China’s government in the city have curbed travel to Hong Kong — a key shopping destination — by mainland consumers, but they’re still splashing out on high-end fashions elsewhere.

“The US and Europe saw good progress in the third quarter, as did Asia, despite the difficult context in Hong Kong,” the company said in a statement on Wednesday after the close of trading. Forecasts for the luxury giant’s growth were tempered as LVMH boutiques in Hong Kong became a backdrop for protests that spilled from the city’s streets to its airport and shopping malls. About 6% of the company’s sales were registered in Hong Kong dollars during the first half of the year, according to an interim financial report.

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