LVMH Has ‘Record’ Year as Profits Gain Nearly 30 Percent

French luxury goods behemoth LVMH Moët Hennessy Louis Vuitton reported a 29 percent jump in full-year net profit, capping a record year for the company.

Annual revenue rose 13 percent, lifted by swift growth in the company’s fashion and retailing divisions, with the company flagging an “exceptional” level of profit from its star brand Louis Vuitton.

Net profit was 5.13 billion euros, or $6.35 billion at current exchange, while revenues were 42.63 billion euros.

“LVMH achieved another record year,” said chairman and CEO Bernard Arnault, who cited a “buoyant” environment and the creative strength of the company’s brands.

He went on to project the company’s “leadership in the universe of high-quality products” for the coming year in an environment he termed as “uncertain.”

Revenue over the fourth quarter, which encompasses the all-important holiday season, rose 12 percent to 12.54 billion euros.

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