The LVMH group saw its half-year performance achieving a 28 per cent growth, reporting €36.7 billion in revenue despite a grim economic landscape. Read more to find out why.
The world’s largest conglomerate LVMH posted a strong H1 performance with a 28 per cent increase in revenue compared to the previous year. This growth amounted to €36.7 billion, and the group reported that all its business groups achieved double-digit organic revenue growth over the period. Demands from Europe and the United States were attributed to the strong achievement of the group. At the same time, Asia saw lower levels of growth due to the new health restrictions.
Breaking the results into quarters, one would notice that the group’s growth is slowing down. Compared to the Q1 results, the latest Q2 financial reporting only registered a 19 per cent increase compared to a 23 per cent growth for the former. The decreased growth is telling of the impact China has on the conglomerate. Despite growing demand from customers in Europe and the United States, it cannot offset the missing demand from its Chinese consumers.
Similarly, Christian Dior enjoyed remarkable growth in all of its product categories and the collections by Maria Grazia Chiuri were well-received by clients. Furthermore, the brand reopened its flagship store at 30 Avenue Montanige in Paris after three years of renovations. This further cemented the
, with new boutiques springing up over the past few months. Other brands like Fendi, Celine, Loewe, Marc Jacobs, Loro Piana and J.W. Anderson all posted strong growth.At the group’s watches and jewellery business unit, it recorded organic revenue growth of 16 per cent in the first half. Brands like Tiffany & Co., Bvlgari, TAG Heuer, Zenith and Hublot did well.
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