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By: Pascale Denis
Luxury goods group LVMH will set up a new digital platform to host all of its brands, sources close to the matter told Reuters, as the French company steps up efforts to capitalise on the sector's online sales boom.
The Internet has become the industry's most important growth engine, with analysts expecting online transactions to represent 20 percent of all luxury sales within a decade, up from 7-8 percent now. LVMH's online sales of 2 billion euros ($2.1 billion) last year equated to 5.3 percent of group revenue.
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