By Alun John and Mateusz Rabiega
LONDON (Reuters) -LVMH shares opened up 12% on Wednesday, a day after the luxury group reported better-than-expected sales in the third quarter, driven by improved demand in China and prompting a sector-wide rally.
The world’s largest luxury group’s shares jumped 12% in morning trading to 597 euros per share.
Peers Hermes, Kering, Richemont, Burberry and Moncler were up between 5% and 7%.
The rise reported by LVMH on Tuesday represents the first quarter of growth this year for the company, a sector bellwether with operations spanning fashion, alcohol and retail.
Analysts saw the results beat as a good sign for continued recovery, with Bernstein highlighting that sales exceeded expectations across all divisions.
JPMorgan analysts said they believe the overall environment is positive enough to expect a generally better luxury reporting season.
($1 = 0.8602 euros)
(Reporting by Alun John, Mateusz Rabiea, Mimosa Spencer; Editing by Amanda Cooper and Emelia Sithole-Matarise)
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