November 28, 2017 / 6:37 AM / 19 days ago

CORRECTED-LVMH expects market to do "a bit better" in 2018

FLORENCE, Nov 27 (Reuters) - LVMH, the world’s biggest luxury goods company, said the market will do “a bit better” in 2018 than this year, the group’s managing director said on Monday.

“I think that in 2018 (the market) will do a bit better than in 2017,” said Antonio Belloni on the sidelines of the opening of the group’s first vocational training programme in Italy, in Florence. He did not elaborate further.

In October the group - which owns fashion brands such as Louis Vuitton and Christian Dior as well as Moet & Chandon champagne and Hennessy cognac - reported a higher-than-expected 12 percent rise in like-for-like sales for the third quarter of 2017. Revenues were 30.1 billion euros ($36 billion).

Belloni said the group had invested 150 million euros in Italy this year and would “continue with this trend”, adding it had just bought a former furnace just outside Florence, close to where the group already produces high-end accessories for its Fendi brand.

Reporting by Silvia Ognibene; Writing by Giulia Segreti; Editing by Tom Hogue

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