Louis Vuitton designer Ghesquiere signs new contract

Louis Vuitton designer Nicolas Ghesquiere has signed a new contract, delivering a potential boost to luxury goods giant LVMH for which Louis Vuitton is a key source of profits.

LVMH group head Bernard Arnault announced Ghesquiere's new contract in a statement on Wednesday.

Last month, LVMH reported better-than-expected sales growth in the first quarter, which pointed to enduring appetite for its brands from wealthy Chinese shoppers.