Despite
economic woes in the USA and most of Europe during 2011, three of Europe’s
luxury goods behemoths have all reported impressive sales rises during 2011.
Last
week LVMH, the world’s largest luxury goods group, reported sales in 2011 were
up 14% on a like-for-like basis at constant exchange rates; and up 16% in
reported terms. Net profit was up 34% if the exceptional gain made in 2010 on
trading Hermes stock was excluded, or one per cent if not.
Richemont,
with brands including Alfred Dunhill, Cartier, and Montblanc, reported that
sales were up strongly in 2011, buoyed by demand both within Asia and from
Chinese tourists in Europe.
Burberry
said that demand from Asian shoppers around the globe more than made up for a
slowdown in North America.
Global
Blue processed 25% more tax refunds (most of which result from purchases of
luxury goods) in 2011 than the previous year.
