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Question of the day: where do they wear all those pretty things?

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Louis Vuitton bags remain popular with consumers despite the COVID and lockdown measures in major parts of the world. Parent company Louis Vuitton Moët Hennessy (LVMH) sold more bags in the past period than in the same period last year. This was due, among other things, to a greater demand from China.

Chinese consumers in the fourth quarter often could not go on a luxury trip abroad and therefore bought more expensive items such as jewelry and bags. Louis Vuitton has been dealing with shop closures in many European countries since October. This was offset to some extent by increased online sales. The turnover of fashion and leather goods increased by 18 percent in the fourth quarter.

LVMH’s profit for the whole of last year was EUR 8.3 billion. Analysts were counting on EUR 7.2 billion. Turnover fell by 3% to EUR 14.3 billion. Earlier this month, the company completed the takeover of Tiffany jewelry chain, a deal worth over 13 billion euros.

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