PARIS: After a year of record sales and profits despite slowing global growth the luxury sector is looking to the reopening of China to deliver further expansion in 2023. The world's largest luxury group LVMH posted a 23 per cent jump in sales to a record of 79 billion euros (US$86 billion) in 2022 and saw
PARIS: After a year of record sales and profits despite slowing global growth the luxury sector is looking to the reopening of China to deliver further expansion in 2023.
Kering, despite a tough time for its flagship brand Gucci, still managed a 15 per cent increase in sales to 20 billion euros, while profits rose 14 per cent to 3.6 billion. The gradual reopening of China - which abandoned the last of the travel restrictions of its zero-COVID policy on Jan 8 - should help its economy expand by 5.2 per cent in 2023, according to the International Monetary Fund's latest forecast.
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