LVMH has reported double-digit sales growth for the first quarter of the financial year, according to a report published by Bloomberg. Organic sales grew 13 percent, ahead of analyst estimates of 8.5 percent, sending shares soaring to a record high in early Paris trading on Tuesday.

The Perfumes & Cosmetics category gained17 percent in organic terms (8 percent reported) with Parfums Christian Dior delivering strong moment. Fenty Beauty was namechecked as an ‘exceptional success’.

The company also cut the ribbon on its sponsorship of a start-up accelerator, established in a bid to encourage entrepreneurs to develop new online tools for prestige brands.

“Digital allows us to reach the client more quickly and directly,” said Bernard Arnault, CEO at LVMH at the accelerator’s launch per Bloomberg. “Innovation and creativity are fundamental values for LVMH.”