LVMH, the world’s biggest luxury goods firm, has said consumers are starting to splash out on luxury goods again.
The group reported a 13 per cent rise in like-for-like sales in the three months to 31 March fuelled by strong figures in the US and Europe.
The Paris-based maker of Louis Vuitton handbags, Hennessy cognac, and Tag Heuer watches saw sales above €4.47bn (£4bn).
Sales of Moët & Chandon and Dom Pérignon champagnes and Hennessy cognac – all part of the company’s alcohol division – jumped 18 per cent.
The company’s fashion and leather division – which includes top names Givenchy, Marc Jacobs and Celine – were up by eight per cent.
LVMH said in its update: “The group continues to perform well in Asia and has seen a strong rebound in the US and Europe.”
Dennis Weber, of Evolution Securities, said: “The performance looks very impressive and of high quality.”
LVMH’s shares jumped 3.5 per cent in Paris to hit their highest level in almost a decade.