Luxury looks homeward as Covid curtails travel

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Paris

The luxury sector has flashed back from the Covid-19 pandemic but the crisis is still putting a crimp in travel, a key part of the market.

Industry giants have reported results that show the world’s well-heeled are splurging on luxury goods as sales surpass even pre-pandemic levels.

LVMH — home to Louis Vuitton, Moet, Fendi, and Kenzo brands among others — saw first-half sales climb by 11 percent above their pre-pandemic level to 28.7 billion euros (34.1 billion) as it reported a profit of 5.3 billion euros, a whopping 64 percent increase from 2019. Rival Kering — which owns the Gucci and Balen-ciaga brands — bested its pre-pandemic level by 8.4 percent with a record 8 billion euros in sales.

Her-mes reported a 29-percent jump to 4.0 billion in sales.Both recorded profits of more than a billion euros, beating expectations.

The Swiss luxury group Richemont — Cartier, Pia-get, and Montblanc — beat its pre-pandemic level in the second quarter by 18 percent, while Italy’s Prada bested 2019 first-half sales by eight percent.—AFP

 

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