LVMH Moët Hennessy Louis Vuitton recorded revenue of 42.2 billion euros in the first half of 2023, up 15 percent. The group’s organic revenue growth was 17 percent compared to the same period in 2022.
In the second quarter, organic revenue growth was 17 percent, in line with trends seen in the first quarter.
Profit from recurring operations for the first half was up 13 percent at 11, 574 million euros, while operating margin reached 27.4 percent of revenue. The company said, group share of net profit was up 30 percent at 8, 481 million euros.
Commenting on the first half performance, Bernard Arnault, chairman and CEO of LVMH, said in a release: “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023.”
Louis Vuitton owner records profit growth
LVMH posts 20 percent revenue growth across fashion & leather goods business The group’s fashion & leather goods business group recorded organic revenue growth of 20 percent in the first half of 2023. Profit from recurring operations was up 14 percent.
The company added that the perfumes & cosmetics business group recorded organic revenue growth of 13 percent in the first half backed by strong momentum achieved through innovation, combined with a highly selective distribution policy. Profit from recurring operations was up 15 percent.
The watches & jewellery business group achieved organic revenue growth of 13 percent, while profit from recurring operations was up 10 percent. In jewellery, Tiffany enjoyed positive momentum with the success of the reopening of the “Landmark” in New York.
In selective retailing, organic revenue growth was 26 percent and profit from recurring operations was up 100 percent. Sephora performed well and the momentum was particularly strong in North America, Europe and the Middle East. Its distribution network continued to expand, particularly in the United Kingdom where its first store opening proved to be a success. DFS benefited from the gradual recovery in international travel and from the return of tourists to the flagship destinations of Hong Kong and Macau.
LVMH will pay an interim dividend of 5.50 euros on Wednesday, December 6, 2023.