PARIS -- LVMH Moet Hennessy Louis Vuitton said Friday its preliminary sales results for 1993 show a 10 percent gain to $4.03 billion (23.8 billion francs at current exchange).
The end of 1993 was better than expected in most of the company's segments, the luxury conglomerate said.
LVMH controls Louis Vuitton, the Christian Dior fashion house, the fashion and fragrance businesses of Christian Lacroix, Givenchy and Kenzo, Hennessy cognac and one quarter of French champagne output, including the world's best-selling brand, Moet Hennessy.
LVMH also said that the sale of 34 percent of its Moet Hennessy wines and spirits division to Guinness for $1.4 billion (8 billion francs) and sale of the 4 percent that LVMH holds in Guinness will result in an annual savings in debt charges of $254 million (1.5 billion francs).
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"