LVMH records 22% revenue increase

LVMH Moët Hennessy Louis Vuitton has recorded revenue of €19.9 billion for the first nine months of 2012, an increase of 22% on the same period in 2011.

In a press statement the group said it had recorded a 15% rise in revenue for the third quarter, which it said was, “a solid result in the current economic environment, particularly when compared to the strong performance in the same period of 2011.

“The US market continued to demonstrate momentum. In spite of a challenging economic environment, Europe and Asia also contributed to the third quarter performance.”

Within the group wines and spirits recorded 12% organic growth for the first three quarters of 2012.

The group saw “rapid development” of its sparkling wine, which helped to grow its wine business. In the Champagne area of LVMH the group saw volume increase and the price increases announced at the start of the year also helped it to progress.

The statement added: “Despite the background of an economic slowdown in Europe, LVMH remains confident in its outlook for 2012.

“The group will continue to pursue its proactive strategy centred on innovation and targeted geographic expansion in the most promising markets.”