LVMH has seen no sign of a slowdown in the luxury boom in China, its second-biggest market, since the authorities there hinted at a crackdown on the mega-rich and called for a focus on “common prosperity” in August.
Investors have worried that new curbs on conspicuous consumption in China would cast a pall over luxury goods companies, as they did during an anti-corruption campaign that began in 2012. This has sent luxury stocks down since the summer, with LVMH 8.5 per cent lower, Gucci-owner Kering down 15 per cent and Hermès with an 8 per cent fall.
But LVMH’s chief financial officer Jean Jacques Guiony said LVMH, the world’s biggest luxury group, had not seen “any change” to its business in China since then.
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