Luxury stocks rise after Reuters Longchamp interview

Luxury stocks LVMH and Hermes rose steadily on Sept 28 after a Reuters interview with Longchamp, one of France’s leading handbag makers, where its CEO said the company would beat its own expectations for 2010 with sales up as much as 25 percent. The Financial Times mentioned the Longchamp interview in its market report saying it had lifted both LVMH and Christian Dior. The CAC 40 index of blue chips closed down 0.1 pct while Hermes closed up 1.8 pct and LVMH closed up 2.2 pct. The story was also widely picked up in French by Le Monde, Le Figaro, Les Echos, Investir, Usine Nouvelle, Capital and BFM Radio.

MARKET IMPACT

• The Financial Times mentioned the Longchamp interview in its market report saying it had lifted both LVMH and Christian Dior. The CAC 40 index of blue chips closed down 0.1 pct while Hermes closed up 1.8 pct and LVMH closed up 2.2 pct.