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Upbeat tourist sector in Britain helps Dior offset weakness in Paris
October 17, 2016 / 12:22 PM / a year ago

Upbeat tourist sector in Britain helps Dior offset weakness in Paris

PARIS, Oct 17 (Reuters) - A spending spree by tourists in Britain helped Christian Dior Couture boost July-September revenues and offset sales weakness in Paris, where security fears curbed the number of visitors, its chief executive Sidney Toledano told Reuters.

The sharp fall in sterling versus other currencies since Britain voted to leave the European Union has encouraged tourists to go on a spending spree there.

“This summer, the flow of tourists in the UK more than offset the decline that happened in Paris,” Toledano told Reuters.

Foreign tourists have avoided France since militant Islamist gunmen killed 130 people in an attack in Paris last November. In July, an assailant drove a truck into crowds celebrating the Bastille Day national holiday on July 14 in the city of Nice, killing 86.

Foreign tourist arrivals to France could fall 4-5 percent this year, which would be the steepest decline in 40 years, according to Alliance 46.2, a group representing firms that rely on foreign visitors.

Dior said on Friday its revenue from July 1 to Sept. 30 rose 7 percent to 502 million euros. Paris accounts for about 6 percent of its revenue, according analysts’ estimates.

Toledano added that business in Hong Kong and Macao was improving, adding that he was confident about the outlook for Dior thanks to growth in Asia and the United States.

Reporting by Pascale Denis; Writing by Maya Nikolaeva; Editing by Louise Heavens

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