Luxury goods stocks rallied yesterday as LVMH raised hopes that the worst of the downturn battering the sector is over.
The French giant, whose brands include Moet, Givenchy and Louis Vuitton, jumped 12.2 per cent after a 1 per cent rise in sales to £15.9billion over the three months to the end of September.
Shares in rival Hermes rose 7.4 per cent while Cartier owner Richemont gained 6.3 per cent.
British labels Burberry, where actress Cara Delevingne models for its autumn/winter range, and Mulberry were also in vogue, climbed 3.4 per cent and 2.7 per cent respectively.
The LVMH update suggested demand is returning. The group, run by one of the world’s richest men, Bernard Arnault, said sales were growing again in China.
Bosses pointed to the success of ‘The Louis’, a ship-shaped Louis Vuitton store, cafe and exhibition in Shanghai.
Fashion revival: British label Burberry, where actress Cara Delevingne models a recent autumn/winter range (pictured), climbed 3.4%
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