LVMH Moët Hennessy Louis Vuitton, the world's leading luxury goods group, reported mixed results for the first half of 2024. Revenue reached €41.7 billion, reflecting a 2% organic growth despite a challenging economic and geopolitical climate.
Profit from recurring operations came to €10.7 billion, exceeding pre-Covid levels. However, significant currency fluctuations negatively impacted the bottom line.
"The results for the first half of the year reflect LVMH's remarkable resilience," said Chairman and CEO Bernard Arnault. "While remaining vigilant in the current context, the Group approaches the second half of the year with confidence, and will count on the agility and talent of its teams to further strengthen its global leadership position in luxury goods in 2024."
While revenue grew in Europe, the United States, and Japan (driven by Chinese tourist spending), profit from recurring operations for Wines & Spirits declined due to post-Covid demand normalization and weak Chinese demand for Hennessy cognac. Watches & Jewelry revenue also dipped due to currency fluctuations.
Despite these challenges, LVMH highlighted continued resilience in Fashion & Leather Goods, with Louis Vuitton and Christian Dior performing well.
The group also saw rapid growth in fragrances and makeup, with Sephora's strong performance solidifying its position as the leader in beauty retail.
Looking ahead, LVMH remains confident despite the uncertainties. The group said it will focus on brand desirability, product quality, and retail excellence to maintain its leadership position in luxury goods. An interim dividend of €5.50 will be paid in December 2024.