LVMH boss says outlook for 2022 is ‘so far, so good’ by Reuters

“You’ve seen the first quarter numbers, what I can tell is that early April was pretty much going in the same direction,” he told reporters on the sidelines of his empire’s annual shareholder meeting.

LVMH last week released a forecast of a more than 23% rise in first-quarter like-for-like sales, with growth being driven by fashion and leather goods, its largest division and home to Louis Vuitton and Dior, among other labels.

Looking ahead, the performance of the group, which includes high-end Bulgari hotels to Hennessy cognac, would depend on “a number of things,” he added, citing the COVID-19 lockdowns in China and the geopolitical situation in Europe.

Arnault also said it’s too early to tell if rising inflation is affecting luxury consumer behavior.

Asked about the situation in China, he said “the demand is there,” but the outlook would depend on how long strict measures to contain the spread of the coronavirus continued in the country.