Sales for the high-end fashion conglomerate rose 10% as brand-loyal shoppers proved to be inflation-resistant.
Shares of LVMH MC, the world’s largest luxury group, soared 9% at the opening of European trading on Friday. The heavyweight in high-end fashion reported solid fourth-quarter revenue figures, defying the slowdown in demand for the broad sector. Despite the pick-up, shares are down about 20% from their all-time high.
The company picked up revenue of €23.9 billion, posting a 10% increase from the year ago and coming above estimates of €23.6 billion. The owner of 75 brands, including Christian Dior, Fendi, and Tiffany, did not disclose earnings per share for the fourth quarter. Full-year profits arrived at €30.33, sliding below consensus calls of €31.29 a share.

Amid the wider slump in sales for luxury goods, chief executive Bernard Arnault is orchestrating a board reshuffle as part of his grand succession plan. Two of his sons, Alexandre, 31, and Frédéric, 29, were nominated for board seats and will be voted on in April. If successful, they will join the other two siblings on the board, Delphine, 48, and Antoine, 46, leaving only 25-year-old Jean behind.