LVMH revenues up 15% for H1 2023

LVMH, the owner of Moët Hennessy Louis Vuitton, has posted revenues of €42.2bn (£36.2bn) for the first half of 2023, up 15%.

The company’s overall organic revenue growth was up 17% compared with the same period in 2022.

All of its business groups achieved double-digit organic revenue growth over the half year, except for Wines and Spirits, which faced a particularly high basis of comparison.

The company saw its profit from recurring operations for the first half of 2023 rise 13% to €11.6m (£9.95m).

Its operating margin reached 27.4% of revenue and group share of net profit was up 30% at €8.5m (£7.2m).

LVMH stated that it had an “outstanding performance” from the Fashion and Leather Goods business group for the period.

It saw this strong performance particularly from Louis Vuitton, Christian Dior, Celine, Loro Piana, Loewe which all gained market share worldwide.

Bernard Arnault, chairman and CEO of LVMH, said: “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. 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 and 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% by 2030.”

He added: “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.”