Sales of LVMH, Europe’s most valuable company, have soared as Chinese shoppers bounced back from the world’s strictest lockdowns and splashed out on luxury items, according to a Bloomberg report.
Organic sales at the group’s biggest unit, which sells fashion and leather goods, rose 18% in the first quarter, LVMH said in a statement. That’s almost twice the gain that analysts were expecting from the brand. Demand is increasing again in every region, adds the Bloomberg report.
Japan saw the strongest quarterly growth in the first quarter, rising 34% on an organic basis, followed by a 24% uplift in Europe and a 14% jump in Asia outside Japan.
The demand for rare sneakers is also booming. A pair of sneakers, worn by Michael Jordan during the 1998 NBA Finals, recently fetched a record $2.2 million at an auction, making them the most valuable sneakers ever sold.
According to a Reuters report, the Air Jordan 13 “Breds”, short for “black and red”, were worn by Jordan in the second game of the Finals during his final season with the Chicago Bulls, referred to as the “Last Dance”.
Jordan scored 37 points in the game and led the Bulls to a 93-88 win over the Utah Jazz. He went on to win his sixth and final NBA Championship and was named the Finals MVP, adds the Reuters report.
Jordan then gave the shoes as a gift to a Jazz ball boy after the game as thanks for finding his lost jacket. They were the final pair of Breds that Jordan wore in a game, said Sotheby’s.
The online sale cements Jordan’s position as the most valuable athlete at auctions for sportswear memorabilia. It broke his own record of $1.5 million for sneakers, set in September 2021, states an AFP report.
Such high price for a pair of sneakers shows the boom in the market for rare sports shoes. The record price for sneakers has been broken several times recently as what was seen as a niche market a decade ago now attracts interest from the general public as well as leading collectors.
Kanye West’s Nike Air Yeezy 1 prototype model, which fetched $1.8 million in 2021, were earlier the most expensive sneakers to be sold at an auction.