Luxury firms' sales keep growingFriday, 15 October 2010
To put the cherry at the top of a quite surprising trading day, the FashionUnited Top 100 Index reached
1,196.04 points after rising by 9.45 points. This increment broadened the breech with other indexes, especially with the Japanese Nikkei.
Biggest surprise came from Hong Kong where the casual wearing Esprit scratched as many as 30 points, becoming the most increased value of the day. In Germany, Hugo Boss broke with the dullness that has lately characterized its performance and climbed more than 4%. Also Ted Bake gave something to talk about; but it was bad news as the smart casual chain dropped almost 16 points by the end of the day in the London Stock Exchange.
Similar astonishment arose Burberry Group, which soundly fell by 20 points. Despite declaring underlying sales up 21 per cent for the six months to 30 September 2010, its shares dropped 2.8 per cent to 1,010 pence yesterday. The luxury retail brand said that annual profits are likely to be on target for the full year but are unlikely to outperform the existing guidance issued to market. The British beloved brand sold 11% more this quarter and is exploding in China.
After heating engines for the whole week, LVMH finally presented its quarterly results which occur to include a sales leap of 23%. Moët Hennessy and Louis Vuitton are back in vogue while LVMH retail was up 24%, Louis Vuitton fashion and leather goods were up 26% and their watches and jewelry line went up 31%. Those figures transformed into a 0.54% of gains in market value.
Western markets also showed uncanny movements, with Sanei International outstanding in Japan by gaining 7 points and Provogue India taking the growth flow in the subcontinent, where went up by 2 points.