By Hallie Engel
Luxury conglomerate LVMH, owner of watch brands Tag Heuer, Hublot, Zenith and Chaumet, earned €20.7 billion (£17.48 billion) in revenue during the first nine months of 2013.
The figures reflect an increase of 4% when compared with the same time period in 2012. The company also saw organic revenue rise by 8 percent in the third quarter, during which Tag Heuer began operations at a new movement manufacturing plant. LVMH’s watches and jewellery sector experienced an accelerated growth rate in comparison to the first half of last year, with an organic revenue growth of 3%.
Sales in Europe for the company have demonstrated "good resilience," according to a press release, while Asia and the United States continue to experience "strong growth."
LVMH also stated it "remains confident" about the remainder of the year and will continue its expansion in the strongest markets.