The prestigious LVMH company, one of the world's largest luxury goods conglomerates, has been touched like many others by the recession and the downturn of luxury sales. With 60 sub-companies of high-end status including Emilio Pucci, Givenchy, Dior Parfums, Tag Heuer, Fresh, and Veuve Cliquot under the LVMH umbrella, few brands have weathered the sales slump unscathed. In fact, the net profits for all of LVMH holdings for the first half of the year decreased by 23 percent. Yet one company continues to reign as most profitable despite the dip in luxury spending. The 'LV' portion of LVMH, namely, Louis Vuitton has consistently pulled more than its weight in racking up sales, when other brands of similar status were struggling. The LV label posted a 7 percent profit in same-store sales on fashion and leather goods from January through June of this year, an almost impossible feat. LVMH chief Bernard Arnault called the profit results "particularly remarkable given the global economic crisis."
Article Source: newyorkmag
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