07 Feb Christian Dior group’s net income surged 81 pct in 2010

PARIS (AFP) – The Christian Dior luxury holding giant said Friday net income surged 81 percent in 2010 from the previous year, an “exceptional year” that has given the group fresh impetus to open new stores.

Christian Dior is the holding group that controls the French luxury products giant LVMH, with interests from champagne to luggage, and of the Christian Dior Couture fashion label.

The group said net income had amounted to 1.26 million euros (1.71 million dollars) last year. Revenue rose 19 percent to 21.12 billion euros from the previous year.

Dior said it would continue to open new stores and renovate existing ones in “markets that have strong potential,” adding that all continents showed positive results.

“After an exceptional 2010, the Christian Dior Group is well equipped to continue its growth momentum across all business groups in 2011,” it said in a statement.

Sales in the fourth quarter had risen 20 percent year-on-year, it said.

Earlier in the day luxury retailer LVMH said that strong demand for its champagnes and Louis Vuitton leather bags helped it make a 73 percent leap in full-year profit.

Annual net profit rose to 3.03 billion euros ($4.13 billion) from
1.76 billion euros a year earlier, when many affluent consumers were spooked by the financial crisis.

LVMH, which owns the Fendi fashion house and the TAG Heuer watch brand, posted a 19 percent rise in revenue to 20.32 billion euros from 17.05 billion a year ago, matching analysts’ expectations.