Global sales of handbags and perfumes made by LVMH account for a larger share of France’s exports than all of the Camembert and wine produced by the country’s famed agricultural sector.
The Paris-based luxury leader accounted for 4 per cent of all French exports last year, according to a study by consultancy Asterès for the company released on Thursday. The €23.5bn value of its goods heading abroad last year beat the 3.2 per cent contribution of the entire agricultural sector, reinforcing the importance of the luxury sector to France’s trade balance.
LVMH has become one of France’s most recognisable companies internationally, producing the majority of its goods in France or Italy to maintain the quality that allows it to command premium prices. The US accounted for a quarter of sales in its most recent quarter, while Asia accounted for just under 40 per cent.