In a conference call with investors after announcing the group's quarterly sales, LVMH group chief financial officer Jean-Jacques Guiony said that the business of Amazon does not fit with the brand and there is no way the group can do business with them for the time being, media reports said.
The LVMH group recorded a 4 per cent increase in its revenue, reaching €26.3 billion, for the first nine months of 2016. Organic revenue grew 5 per cent compared to the same period in 2015, says the company's website.
With organic revenue growth of 6 per cent, the third quarter saw an acceleration compared to the first half of the year. Asia, excluding Japan, showed a significant improvement during the quarter. “The United States remains well positioned, as does Europe, with the exception of France which continues to feel the impact of a decline in the number of tourists,” LVMH said.
The fashion business of the group recorded organic revenue growth of 2 per cent for the first nine months of 2016 with an acceleration in the third quarter. Fendi generated a significant revenue growth. Céline, Loewe and Kenzo also experienced good growth.
Marc Jacobs continued the repositioning of its collections and Loro Piana inaugurated a flagship store in Paris. The group also said in its report that an agreement was announced for the sale of the Donna Karan business. Online sales of the group's luxury products also increased in all regions. (KD)
ALCHEMPro News Desk – India
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