PARIS – A day after its stock dropped more than 11 percent, LVMH Moet Hennessy Louis Vuitton on Wednesday issued a statement saying its business in China remained strong.
LVMH stock dropped sharply Tuesday after comments by LVMH China manager Andrew Wu that it would be “naïve” to believe that LVMH in China is sheltered from world economic turmoil. LVMH stock was up over 3 percent in mid-morning trading in Paris after LVMH “clarified” that its business was showing “very dynamic growth” in China.
“For example, Louis Vuitton, the group’s leading brand, has seen organic growth in recent months and weeks in China of over 30 percent,” LVMH said. “At this time, nothing indicates that this trend, owing to the exceptional attractiveness of Louis Vuitton’s products and local demand, will change in the coming months.”
LVMH was trading around 45 euros, or $56, a share at mid-day on the Paris Bourse. The share was trading over 85 euros, or $106, in January.