Gucci owner PPR's shares hit 12 year high
Shares in the French luxury goods firm, PPR, have risen more than 7% in Paris to their highest level in 12 years.
That follows a better-than-expected jump in earnings at the company, which owns brands such as Gucci and Yves Saint Laurent.
Net income rose 6.3% to 1.4 bn euros while sales jumped 20% to 9.7bn euros, driven in part by sales of its Bottega Veneta handbags.
PPR boss Francois-Henri Pinault seems confident of improving there operating and financial performances in 2013.
The results are a clear positive, showing PPR to hold one of the most balanced brand portfolio in luxury, which is currently outperforming peers like LVMH, one Paris-based trader told Reuters.
The company pointed out that about 40% of its global sales now came from emerging markets.
The company is made up of two main types of business - luxury goods and sports and lifestyle brands.
Regarding the recent decrease in demand for luxury goods in China, experts say it is too early to tell whether last year's slowdown was over, but that initial signs were positive and that Sales had picked up in the fourth quarter of 2012.
Last year, it bought the Chinese luxury jeweller Qeelin.
The source: http://www.bbc.co.uk/news/business-21471664
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