net profit in the first half leaps to 8.48 billion (+30%). Business grows in Europe and Asia – Corriere.it

The French luxury giant Lvmh continues its ascent by recording a turnover up 15% to 42.2 billion of euros and a net profit of 8.48 billion up 30% compared to the same period in 2022. In the second quarter, organic revenue growth was 17%, in line with first quarter trends.

Balzano a double digits all sectors except wines and spirits a slight decrease in revenues (3% organic). But it is the leading fashion and leather goods sector to record the best performances (+17%) which alone generated sales of 21 billion euros with its prestigious brands such as Louis Vuitton, Christian Dior, Celine, Loro Piana, Loewe and Marc Jacobs and an organic growth of 20%. Louis Vuitton has opened a new chapter with the arrival of Pharrell Williams as Creative Director for Men, while Christian Dior has continued to enjoy remarkable growth across its product categories. Strong momentum also for perfumes and cosmetics which mark an organic growth in revenues of 13% in the first half of 2023 thanks to innovation, combined «with a highly selective distribution policy» reads a note from the group. Revenues from watches and jewelery also rose by 13%. to 5.4 billion euros thanks to the «strong creative leap, especially for Tiffany, Bulgari and Tag Heuer» explains the company which also showed excellent results for Sephora and a significant increase in business in Europe and Asia.

“LVMH has achieved outstanding results during a six-month period of continued economic and geopolitical uncertainty. The strong creative momentum and excellent distribution of our Houses have continued to inspire dreams, as evidenced by the enthusiastic reception given to Pharrell Williams’ first fashion show for Louis Vuitton and the reopening of Tiffany & Co.’s “Landmark” in New York,” said the president and chief executive officer Bernard Arnault which also pointed out i progress made in environmental and social changeas in the case of the recent announcement of an ambitious plan to reduce overall water consumption by 30% by 2030. “Thanks to the desirability of our brands – added Arnault -, we approach the second half of the year with confidence and optimism, but we will remain vigilant in the current context and we will count on the agility and talent of our teams to further strengthen our position of global leadership in luxury goods in 2023”.