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Luxury Goods Market in 2009 Boosted by Chinese Sales
To illustrate the point, China's consumption of LVMH goods rose by 15 percent in 2009 and now represents six percent of all company sales. For two of LVMH's leading brands the figures are more striking -- China is now the world's top consumer of Hennessy cognac and the second biggest Louis Vuitton buyer.
Over at Hermes, sales jumped 32 percent in Asia in 2009, excluding Japan, and it will open four new shops in China in 2010.
Louis Vuitton plans to open five including two in Shanghai, host city for the 2010 World Expo from May to October.
"Between 70 and 100 million visitors are expected over the six months, most of them Chinese," said Yves Carcelle, Louis Vuitton president.
In 2010, "China will remain a motor of growth for the sector", according to Catherine Rolland, analyst with Kepler Capital Markets.
"An improvement in the trend in North America, which declined sharply in 2009, could also be a factor in improving the overall trend in the market," she added.
Hermes said its sales in North America, essentially the United States, rose by 11.8 percent in the final quarter of 2009.
Source-AFP
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