The economic slowdown in China is causing problems for everyone from Apple to Caterpillar. One company that’s not being negatively impacted by the downturn or the US-China trade war: LVMH, Quartz reports.
The company, which happens to be the world’s largest luxury group, is seeing an increase in the sake of fashion items and high-end handbags in the country over this time last year. LVMH brands include Louis Vuitton, Dior, and Moët & Chandon. It announced the increase in sales during its Q4 earnings call Tuesday.
Cartier recently reported growing sales in the China market.
During the earnings call, LVMH said that its net profit for the year rose 18% to €6.35bn up from €5.36bn in 2017.
It’s biggest increase came from its fashion and leather goods business, which rose 21% last year and accounts for €5.94bn of the company’s total earnings. The company’s slowest area of growth is currently in its wine and spirits business, which only rose 5%.
The company is also getting prepared for issues that might impact its business in other countries. Specifically, LVMH says that it has stored four months worth of champagne and cognac in the United Kingdom in case issues arise with Brexit.