Fashion conglomerate LVMH released their third quarter financial report for the year. The report, which details the revenue earned throughout the company, gave depth to the the continuous increase. In the third quarter alone, the reported stated a 16 percent increase in overall revenue, generating a total of €38.4 billion in EUR (approx. $42.4 billion USD) in revenue during the first nine months of 2019.
The report also detailed a single increase of 15 percent throughout the company Fashion and Leather Goods group alone. According to Vogue Business, the parent company reports high earnings from popular brands Louis Vuitton and Christian Dior, which both contributed substantially to the revenue increase for LVMH. CFO of LVMH Jean-Jacques Guiony commented on the impressive statistics citing that for both LV and Dior, “the recipe works, and we do not change the recipe.” He continued on the impressive growth, that the “winning formula” is “a combination of distribution investments and product investments,” and that “there is not a particular product responsible for the growth.” Maybe an unspoken accolade of the appoint of Virgil Abloh for the Louis Vuitton Menswear Creative Director and Kim Jones for Dior has an increasing influence on it.
With the growing sales, popularity continues to rise and demand continues to grow, in which Louis Vuitton plans to allocate funds to create over 1,000 new jobs in France.