Appetite for luxury pushes LVMH to record heights

LVMH shares rose to a record in Paris after the luxury leader’s sales far exceeded estimates on rebounding demand for items from Louis Vuitton bags to Hennessy cognac.

Its earnings figures showed first-quarter organic revenue rose 13%, compared with the 8% median forecast. All divisions beat estimates, with the fashion and drinks units standing out. The stock gained as much as 2.9%.

Investment in brands such as Louis Vuitton has enabled LVMH to extend its leadership of an industry that’s undergoing a turnaround after several years of ebbing demand in China and a slowdown in travel to Europe.