PARIS — Consumers still appear willing to spend lavishly on luxury clothes and accessories, even as markets reopen and other activities like restaurants and travel compete for their discretionary dollars, LVMH Moët Hennessy Louis Vuitton said on Monday.
The company saw sustained growth in Asia and the U.S. and a gradual recovery in Europe, where local customers have partly compensated for a lack of overseas visitors. Profit from recurring operations totaled 7.63 billion euros, representing an increase of 44 percent versus the same period in 2019, with fashion and leather goods accounting for 5.66 billion euros, up 74 percent.
Since April, the group has increased its stake in Tod’s Group to 10 percent; taken full control of Emilio Pucci; acquired a minority stake in Phoebe Philo’s new independent, namesake house, and raised its stake in Virgil Abloh’s luxury streetwear label Off-White to 60 percent. “Over the years, he helped us define a very precise and compelling style at Vuitton, and I think the Vuitton men’s business, before him and with him, are very different and much better today,” Guiony said.