Paris — LVMH set an upbeat tone for the luxury industry, plowing ahead with double-digit sales growth that beat analysts’ estimates for the start of the year. First-quarter sales rose 13% on an organic basis, the Paris-based owner of Sephora and Christian Dior said on Monday after Paris markets closed. Analysts had estimated 8.5%, projecting growth to taper off after a 12% jump last year. Prosperous Chinese consumers have been stocking up on LVMH’s Louis Vuitton handbags and Givenchy makeup, powering record sales last year for the company with the highest market value in France. Gucci owner Kering and Hermes International, the maker of Birkin bags, benefited too. While China’s economic growth is expected to slow to 6.5% in 2018, according to forecast data compiled by Bloomberg, LVMH’s strong sales show demand for luxury products remains high. "This is a remarkable start to the year for LVMH, with broad-based market share gains in a buoyant environment for luxury goods," said Rogerio...
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