Friday, 17th September 2004 (4088 views)

Louis Vuitton Moet Hennessy (LVMH) has enjoyed a marked increase in profits after a strong start to 2004 for the luxury goods outfit.

Net profits rose by 49 per cent for the first half to stand at $485.4 million - with the firm's jewellery products performing particularly well.

While LVMH's fashion and leather goods stagnated, hovering around the $770 million mark, its watches and jewellery division enjoyed a welcome return to profit.

The jewellery arm enjoyed an operating income of $2.43 million for the first half of 2004, a marked improvement on the operating loss of $46 million for the same period last year.

Chief executive Bernard Arnault hailed the figures, commenting: “All these elements allow us to confirm our aim for a significant increase in operating income in 2004."

The group's encouraging figures follow results from Italian jeweller Bulgari this week, which showed a 21 per cent rise in first-half operating profits.

 

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