LVMH cashes in on increasing luxury goods demand with net profit up 12%
February 2, 2013, 12:05 am TWN
PARIS -- French luxury conglomerate LVMH confirmed Thursday that it's recession-proof: Net profit rose 12 percent last year, as wealthy customers snatched up its Bulgari jewelry and flocked to its luxury malls.
The company behind Givenchy gowns and Louis Vuitton luggage said it pulled in 3.4 billion euros (US$4.6 billion) in profit in 2012. Revenue rose 19 percent to 28.1 billion euros (US$38.1 billion), exactly in line with the consensus of analysts surveyed by FactSet.