Luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has reported a slight decline in sales in the opening quarter for its jewellery and watch brands.
Group revenue decreased by 2 per cent for the quarter, reaching €20.69 billion ($AUD34.27 billion. Sales among jewellery and watch brands declined by 5 per cent, finishing at €2.47 billion ($AUD4.09 billion).
Sales were reportedly strong in the US, Europe, and Japan, with luxury spending boosted by increasing levels of tourism from China.
LVMH reported a 9 per cent increase for the past financial year, overcoming a slowdown in sales in the second half.
In a further development, two sons of chairman Bernard Arnault were recently voted onto the company board at a shareholder meeting. Alexandre (31) is the vice president of Tiffany & Co, while Frédéric (29) is the CEO of Swiss luxury watchmaker TAG Heuer.
Delphine (49) and Antoine (46) are already board members, leaving the youngest sibling, Jean (26), as the only one of Arnault’s children not on the board.
Based in France, the company oversees more than 75 brands, including Tiffany & Co, Bulgari, Kering, and TAG Heuer.
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