Sales at LVMH have been boosted by strong demand from rich Americans, even as conflict in the Middle East affects spending in Europe, the group said yesterday.

The luxury giant – which owns Moet champagne, Givenchy and Louis Vuitton – said sales rose 3 per cent to £16.7billion in the three months to June.

In the US, sales climbed 6 per cent amid a ‘rapid acceleration’ in demand for its expensive clothes and handbags. But in Europe, sales were flat.

The war has disrupted travel to Gulf shopping hubs such as Dubai and also hit demand from Middle Eastern tourists visiting Europe.

Shares in LVMH have plunged 27 per cent since the start of the year, making it one of the worst-performing listed giants in Europe. 

The group said it ‘saw business activity improve gradually despite the impact of the conflict in the Middle East’.

It said there was ‘accelerating growth’ for its Dior brand, thanks to an ‘excellent start’ for new creative director Jonathan Anderson.

Shares in LVMH have plunged 27 per cent since the start of the year, making it one of the worst performing listed giants in Europe.