Luxury brands continue strong growth

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Strong demand for luxury brands from developing markets drove a 33 percent rise in quarterly sales at the British fashion group Burberry. Revenue in the three months to March was the equivalent of 445 million euros. Burberry said it was planning a 12-13 percent increase in average selling space in its 2011-2012 financial year, excluding stores acquired from its franchise partner in China last year. The group opened a net seven new mainline stores in the second half, including Shenzhen, Sao Paulo, New York and Milan, and plans to add 20-25 stores next year, mainly in China, Latin America and the Middle East. That came one day after LVMH unveiling better than expected quarterly results - up 17 percent. The owner of handbag maker Louis Vuitton, Hennessy cognac and Moet & Chandon champagne had sales of 5.25 billion euros in the three months to March 31. There had been worries about the effect on luxury goods sales following the earthquake in Japan, which is a key market for the sector.
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