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Luxury Goods

LVMH reports 56% H1 revenue spike

The group also saw profit from recurring operations jump 44% from H1 FY19, representing profits four times higher than last year

Moët Hennessy Louis Vuitton (LVMH) has reported a 56% year-on-year revenue rise to €27.7bn (£23.7bn) in H1 FY21.

Organic revenues at the luxury retailer also jumped 56% when compared to H1 FY20 and 11% in comparison to pre-pandemic 2019 levels.

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The group also saw profit from recurring operations jump 44% from H1 FY19, representing profits four times higher than last year.

Bernard Arnault, chairman and CEO at the company, said: “LVMH has enjoyed an excellent half-year and is reaping the benefits of having continued to innovate and invest in its businesses throughout the pandemic despite being in the midst of a global crisis.

“Highlights from the first half include the integration of the Maison Tiffany and the inauguration of La Samaritaine after an ambitious renovation program.”

Breaking the group’s revenues down, its fashion and leather goods operations provided the largest income of €13.9m (£11.9bn), a year-on-year increase of 74%.

Selective retailing revenues grew 5% in the period, wines and spirits 36% and perfumes and cosmetics 31%.

The group’s watches and jewellery operation saw the biggest jump in revenues during the period, rising from €1.3bn (£1.1bn) to €4bn (£3.4bn).

Arnault added: “Within the current context, as we emerge from the health crisis and see a recovery in the global economy, I believe that LVMH is in an excellent position to continue to grow and further strengthen our lead in the global luxury market in 2021.”

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