Business

LVMH reports record revenues for 2010

Louis Vuitton shop front
Image caption LVMH chairman Bernard Arnault said the firm's luxury brands gained market share throughout the world

LVMH, the world's largest luxury goods company, has reported record revenues for 2010, with all areas of the group seeing double-digit growth.

Economic recovery in key markets such as China helped to increase LVMH's revenues by 19% to 20.3bn euros ($27.7bn; £17bn).

Operating profits rose 29% to 4.3bn euros, with sales of TAG Heuer watches and Moet & Chandon champagne rising.

LVMH chairman Bernard Arnault said "2010 was a great vintage year".

LVMH's wines and spirits unit rebounded from a fall in 2009 to report a 19% rise in revenues to 3.2bn euros, lifting profits 22% to 930m euros.

The largest division, fashion and leather goods, made revenues of 7.6bn euros, up 20%, with profits up 29% to 2.5bn euros.

Global luxury sales climbed 10% in 2010 after falling 8% in 2009, the worst year on record for the industry.

A report from Barclays Capital said China now accounts for 12% of luxury goods sales, with the country's market forecast to grow by 20-30% a year.

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