PARIS (AP) — Luxury giant LVMH Moet Hennessy Louis Vuitton has solidified its leading role in the industry with record profits in 2017, but is cautious about this year because of the strengthening euro and geopolitical uncertainty in the Middle East and Koreas.

Sales from LVMH brands — including Christian Dior, Givenchy and Sephora — rose 13 percent overall to 42.6 billion euros ($53.2 billion,) according to results released Thursday. The Paris-based company said profits rose 29 percent to 5.1 billion euros, its highest ever.

Demand remained high for products across the company from cosmetics to watches, bags and spirits, with strong sales in the U.S. and China.

But CEO Bernard Arnault, one of Europe's most influential executives, warned the world economy could suffer a new crisis within five years.