LVMH Moët Hennessy Louis Vuitton, a leading France-based luxury goods conglomerate, demonstrated resilience and growth amid a challenging geopolitical and economic environment by recording revenues of €41.7 billion (approximately $45.22 billion) for the first half of fiscal year 2024 (H1 FY24). The figure represents 2% organic growth for the period.
The company saw mixed performance across geographies. Europe and the US delivered growth across consolidation and currency terms. Japan stood out with impressive double-digit revenue growth, reflecting robust consumer spending. Growth was driven by strong spending from Chinese customers in Europe and Japan, with other regions in Asia also contributing strongly, the company said in a press release.
LVMH’s recurring profit for the first half of fiscal year 2024 reached 10.7 billion euros, with a strong operating margin of 25.6%. Net profit for the Group was 7.3 billion euros.
LVMH’s flagship Fashion and Leather Goods business group posted modest organic revenue growth of 1 percent to 2.11 billion euros, but the division’s recurring profit fell 6 percent.
In contrast, Selective Retail delivered a robust performance, delivering organic revenue growth of 8% in the first half of FY24. The division’s profit from recurring operations increased 7%.
“The performance in the first half of the year reflects the remarkable resilience of LVMH in a context of economic and geopolitical uncertainty, supported by the strength of our Maisons and the responsiveness of our teams. We continue to work towards achieving the goals set out in our environmental and social action programs, driven, as always, by the twin focuses of glamour and responsibility. While remaining closely vigilant about the current situation, the Group approaches the second half of the year with confidence and will rely on the agility and talent of our teams to further strengthen its position as a global leader in luxury goods in 2024,” said Bernard Arnault, Chairman and CEO of LVMH.
Fibre2Fashion News Desk (DP)
