{"text":[[{"start":12.74,"text":"France’s LVMH has delivered forecast-beating first-quarter sales driven by US and Chinese consumers putting the pandemic behind them and flocking to its biggest brands such as Louis Vuitton and Dior. "}],[{"start":26.759999999999998,"text":"If trends seen in the first quarter continue, the world’s biggest luxury group, which is controlled by billionaire Bernard Arnault, is on track for its annual revenue to exceed pre-pandemic levels this year, according to analyst forecasts compiled by Thomson Reuters. "}],[{"start":44.26,"text":"The group has also been boosted by the addition in January of US jewellery Tiffany to its roughly 70 brands. "},{"start":51.626999999999995,"text":"It has dispatched top executives to New York to integrate the $15.8bn acquisition and develop a strategy to rejuvenate a brand best known for its robin’s egg blue gift boxes. "}],[{"start":65.1,"text":"LVMH reported sales of €13.96bn in the first quarter, up 30 per cent on an organic basis from the same period a year ago when coronavirus triggered the first lockdowns and store closures. "},{"start":80.454,"text":"Analysts had expected sales of €12.6bn, according to FactSet data. "}],[{"start":87.83999999999999,"text":"Sales were also 8 per cent higher than in the first quarter of 2019 before the pandemic hit, also on an organic basis that strips out the effect of acquisitions and currency movements. "}],[{"start":100.61999999999999,"text":"The group’s all-important fashion and leather goods division reported revenue of €6.74bn in the first quarter, 52 per cent higher than the same period last year and 37 per cent higher than the same quarter before the pandemic. "}],[{"start":116.79999999999998,"text":"The quarter continues trends that have taken hold in the luxury sector since last summer with China and the US leading the recovery, while Europe remains mired in crisis. "}],[{"start":128.15999999999997,"text":"With international travel still at a near-standstill, free-spending Chinese shoppers cannot travel to the fashion capitals of Europe to shop as they usually do. "},{"start":137.939,"text":"That has left luxury companies scrambling to meet growing Chinese demand at home, while also trying to attract more local clients in Europe. "}],[{"start":147.57999999999998,"text":"Nevertheless, the strong demand for Louis Vuitton handbags and Moët & Chandon champagne shows that the affluent are still treating themselves to luxury goods while other types of spending, such as travel and restaurants, remain largely off limits. "},{"start":163.23399999999998,"text":"That tailwind may fade as countries that have vaccinated their populations en masse reopen their economies and people have more options on how to spend their cash, analysts have warned. "}],[{"start":175.51999999999998,"text":"LVMH does not provide any financial guidance, nor do its smaller rivals such as Kering and Richemont. "},{"start":183.19899999999998,"text":"But the sector endured a difficult 2020, with sales contracting roughly a fifth to reach €217bn globally, according to consultancy Bain, which has forecast that a recovery could take two to three years. "}],[{"start":198.11999999999998,"text":"Analysts have said the biggest companies in the sector are likely to bounce back sooner than smaller rivals. "},{"start":204.724,"text":"Investors have piled in and pushed up LVMH shares 52 per cent since the end of the second quarter, Richemont’s by 54 per cent, while Gucci-owner Kering is up 30 per cent. "}],[{"start":217.06999999999996,"text":""}]],"url":"https://creatives.ftacademy.cn/album/001092144-1618367597.mp3"}