Shares in LVMH rose on Thursday, lifting up other European luxury goods stocks, after the Moët & Chandon owner posted higher-than-expected third quarter sales.
LVMH's strong sales came in spite of unrest in Hong Kong that has caused luxury labels to lose out on business there.
Revenue Growth
‘In the third quarter, revenue was up 17% compared to the same period in 2018,’ the group said.
Organic revenue growth was 11%, a performance in line with the trend recorded in the first half of the year. The United States and Europe saw good progress in the third quarter, as did Asia, despite the difficult context in Hong Kong, the company said.
LVMH shares were up by around 5% in early session trading, driving up the stock prices of its rivals such as Kering , Hermes and Hugo Boss.
"Overall, LVMH posted another very strong performance in 3Q, materially beating consensus expectations," wrote analysts at Morgan Stanley.
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