Benefiting from the strong appetites of Chinese and American shoppers for LV & Dior handbags and Hennessy cognac, LVMH published an impressive Q1 21 performance. In particular, sales in the most profitable Fashion & Leather division soared 52% organically yoy (+37% vs. Q1 19), trampling consensus expectations.
However, sales from Asia jumped 86% yoy and accounted for 41% of total sales. The group’s higher exposure to the Chinese market is a double-edged sword, and this sword is just becoming sh ....
