image credit: Pixabay

Luxury stocks are soaring after Louis Vuitton beats sales forecasts despite Hong Kong protests

October 10, 2019

Luxury fashion brands soared on Thursday after LVMH, the parent company of Louis Vuitton and Moët, revealed its third-quarter sales were better than expected.

LVMH reported a 19% rise in organic revenue from fashion and leather goods in the period, beating the 15% increase expected by Bloomberg’s analysts. The luxury goods titan’s overall revenue jumped 17%, contributing to a 16% rise for the first nine months of 2019. Sales across its other divisions — wines and spirits, perfumes and cosmetics, watches and jewelry, and selective retailing — rose in the first three quarters.

Read More on Business Insider