LVMH proves international buyers love watches

First published: 14-04-2010

High-end watches show no signs of taking a hit in the current economic climate - in fact, they seem to be central to the industry''s recovery, if new figures from an upmarket firm are to be believed.

LVMH, which serves as the world''s biggest luxury goods company, revealed that it registered a forecast-beating 13 per cent rise in like-for-like sales in the first three months of 2010, helped by particularly strong growth in the US and Europe.

The firm, which takes its name from Louis Vuitton and Moet-Hennessy, has claimed that handbags, cognac and Tag Heuer watches have claimed sales in that quarterly period of £4 billion.

While LVMH was hit hard by recession, consumer spending is rising once more and companies are restocking to the point that all five divisions of the company registered double-digit revenue growth.

Other brands associated with LVMH include Givenchy, Krug, Hublot and Mark Jacobs.

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