LVMH Moet Hennessy Louis Vuitton SA, the producer of Celine handbags and TAG Heuer watches, sees no sign of a slowdown in demand for luxury goods after reporting first- half profit that beat analysts' estimates.
The world's largest maker of luxury goods has waiting lists for a lot of of its leather products and plans to introduce new models of watches in the second half. LVMH decided to buy Bulgari SpA in March and snapped up a stake in Hermes International SCA to profit from surging demand for $7,000 Birkin bags $2,700 pink gold bracelets.
LVMH fell 55 cents, or 0.4 percent, to 130 euros yesterday in Paris. The shares have gained 5.6 percent this year, giving the producer of Moet & Chandon champagne and $6,000 TAG Heuer chronographs a market value of 66 billion euros. The company will pay an interim dividend of 80 cents on Dec. 2.
Commentaires