Sales in LVMH’s fashion division rose 12% in the first three months of 2012, largely on the strength of Philo’s collections for Celine. The French fashion house recently reached an agreement to open a new London store on Mayfair’s exclusive Mount Street, another sign of the luxury group’s confidence in Philo.
LVMH additionally cited the purchasing power of Asian tourists for its strong numbers. Chief Financial Officer Jean-Jacques Guiony said that tourists account for nearly half of the group’s business in Europe, where sales added 10%.
The positive results echoed Burberry’s upbeat results from earlier this week. The British brand reported a 17.1% rise over the past half-year.
Despite the strong numbers, LVMH said it faced an ‘uncertain’ European economy, and that it was imposing ‘strict control over costs’.