PARIS (AP) — French luxury conglomerate LVMH Moet Hennessy Louis Vuitton says its net profit grew 12 percent last year, driven partly by good sales in jewelry and at luxury malls.
The company behind Givenchy dresses and Louis Vuitton luggage said Thursday it pulled in €3.4 billion ($4.6 billion) in profit. Revenue was up 19 percent to €28.1 billion ($38.1 billion).
The market for luxury goods has been nearly impervious to the global economic slowdown, and LVMH has ridden that wave well. CEO Bernard Arnault said they can barely keep their Hennessy cognac in stock, as evidence of the continuing demand for high-end products.
The largest jump in sales came from the jewelry and watches group, which grew 46 percent, much of that due to the acquisition of fine jeweler Bulgari.