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LVMH shares were up 3.9 percent in early session trading, and the rally in LVMH also lifted up the shares of its luxury goods rivals such as Kering (PA:PRTP) and Hermes.
LVMH, which owns brands spanning Hennessy cognac to cosmetics retailer Sephora, said on Thursday that its fourth-quarter sales growth accelerated, reaching 20.04 billion euros ($22.31 billion) overall, with growth led by the French group’s biggest earners Louis Vuitton and Dior.
The luxury labels propelled a 28% rise in sales of LVMH’s largest division, fashion and leather goods, on a like-for-like basis, beating analyst expectations for 16% growth. Revenues for the business in the last three months of last year came in 51% above their 2019, pre-pandemic level.
($1 = 0.8984 euros)
