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saffiano prada tote October. Mr. Arnault said he was confident LVMH would increase its turnover despite Europe's uncertain economic environment.He said the outlook for the global economy in 2013 was good, helped by expectations of 2 per cent GDP growth in the United States and 8 per cent growth in China.The group's results follow concerns raised earlier this month by No. 2 luxury goods maker, Compagnie Financire Richemont SA, about the pace of growth in China, the industry's biggest engine of growth.The luxury goods sector suffered from a slowdown in demand in China in the second half of the 2012 due to the leadership change and a crackdown on gifts to officials, but industry executives said market trends had improved in recent weeks.British luxury brand Burberry Group PLC, which was one of the first major brands to warn about worsening trading conditions in China in September, said earlier this month consumer sentiment there had improved.China's New Year falls this year in February as opposed to January last year, affecting year end demand and results in 2012, luxury brands have said.In 2012, LVMH made a profit from recurring operations of 5.921 billion $8.04 billion on revenue of 28.1 billion, broadly in line with market forecasts.The French group said sales rose 8 per cent in the last three months of the year on a like for like basis, after the previous quarter's 6 per cent expansion.Like for like growth at the group's fashion and leather unit, which includes Louis Vuitton, came in at 5 per cent in the fourth quarter, as during the preceding three months.LVMH did not publish growth figures for Louis Vuitton, saying said the brand enjoyed "double digit growth" in 2012.Referring to Cline, much smaller in size than Louis Vuitton, Mr. Arnault said that the work of creative director Phoebe Philo appealed to customers worldwide and that the French luxury brand produced "exceptional results."Shoe brand Berluti, which last year launched its first ready to wear men's collection by former Zegna designer Alessandro Sartori, will invest in widening its network of shops, Mr. Arnault said.Mr. Arnault said the loss making brand, which is headed by his son, Antoine, had the potential to generate several