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 per cent of all luxury sales within a decade, up from 7-8 per cent now. LVMH’s online sales of $2.1 billion (£1.73 billion) last year equated to 5.3 per cent of group revenue.

“This platform should boost the visibility of the various LVMH brands,” one of the sources said, adding that the site would also promote other luxury goods brands not owned by LVMH, which is controlled by French billionaire Bernard Arnault.