LVMH to double in sales

Bernard Arnault, CEO of luxury retailer LVMH, has revealed that he expects the company's sales and size to double over the next five years. Company profits climbed by 30% last year to EUR497 million (GBP353 million).

Arnault added that it would take a generation for Asian sales to catch up in volume to the US. The US now generates 25% of total sales. He explained that LVMH plans to take an easy-does-it approach to the growth of their Asian presence. He said it would take time to build a brand and rushing things would be a disaster. He is determined not to let the company's standards slip, believing this to be detrimental to its reputation.

Arnault spoke at the International Herald Tribune Conference in Beijing. He also appealed to authorities to take on counterfeiters. "We know where the people are and where they produce. Sending policemen or customs officials to take merchandise and destroy it would kill the energy of the counterfeit producers," he said. LVMH's brand Louis Vuitton is one of the most popular brands among counterfeiters.