LVMH Group recorded revenue of EUR 42.2 billion (USD 46.76 billion) in the first half of 2023, up 15 percent, thanks to strong growth in Asia, offsetting smaller gains in the U.S.
Sales in Asia excluding Japan jumped 23 percent in the first half of the year ending June, while sales inched forward just three percent growth in the United States.
LVMH’s fashion and leather goods alone saw 17 percent revenue growth to EUR 21.2 billion. All business lines clocked rising sales except wines and spirits, which dipped four percent.
Another highlight was a return to profit during the six months for DFS Group, as international travel rebounded. In selective retailing (where DFS is categorised), organic revenue growth was up 26 percent in the first half with profit from recurring operations doubling.
Overall, the group said net profit jumped 30 percent to EUR 8.48 billion in the first half, as strong demand in Europe and Asia helped fuel double-digit growth in most divisions.
Profit from recurring operations totaled 11.57 billion euros, representing an increase of 13 percent year-over-year. This was below a FactSet-compiled consensus estimate of EUR 11.75 billion.
“LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty,” said Bernard Arnault, chairman and CEO of LVMH.
‘The strong creative momentum and excellent distribution of our Maisons continued to inspire dreams, as demonstrated by the enthusiastic reception given to Pharrell Williams’ first fashion show for Louis Vuitton as well as the reopening of the New York ‘Landmark’ of Tiffany & Co. We continued to see progress relating to our environmental, social and societal commitments, most notably in the recent announcement of an ambitious water sobriety plan intended to reduce our overall water consumption footprint by 30 percent by 2030.
“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,” added Arnault.
Most recently, Louis Vuitton unveiled its e-commerce site in India, one month after the maison opened three pop-up bookstores in downtown Shanghai.