WRAPUP 1-Hermes, LVMH bring relief to luxury sector

Fri Feb 6, 2009 1:39pm GMT
 
Email | Print | | Single Page
[-] Text [+]

* Shares rise across luxury sector

* Hermes sees 2009 sales at 2008 level, excl currency impact

* LVMH says January sales went well, no 2009 outlook

(Adds details from FD interview, updates shares)

By Astrid Wendlandt

PARIS, Feb 6 (Reuters) - Europe's luxury industry drew some comfort on Friday from Hermes' (HRMS.PA) relatively encouraging 2009 outlook, and a positive trading update from LVMH (LVMH.PA).

The news from the world's two biggest luxury groups by market value lifted the whole sector, battered in recent weeks by disappointing sales and growing evidence of restrained spending even among the ultra-rich.

Fresh figures from the pair showed upmarket handbags, shoes and other leather goods resisted consumer thriftiness better than jewellery, watches and certain spirits.

Hermes said it aimed to keep 2009 sales relatively constant against 2008. Many analysts expect the global luxury market to fall about 10 percent this year.  Continued...

 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos