LVMH announces an excellent first half-year

Organic revenue growth was 21%. All business groups achieved double-digit organic revenue growth over the period.

In the second quarter, revenue increased by 27% against a particularly high basis of comparison. Organic revenue growth was 19%, in line with trends seen in the first quarter. Europe and the United States have been up sharply since the start of the year, while Asia saw a lower level of growth due to the new health restrictions in China.

Profit from recurring operations was up 34% at €10 235 million for the first half of 2022. Operating margin reached 27.9% of revenue, up 1.3 points compared to the first half of 2021. Group share of net profit was €6 532 million, up 23% compared to the first half of 2021.

The Watches & Jewellery business achieved organic revenue growth of 16% in the first half of 2022. Profit from recurring operations was up 26%. In jewellery, Tiffany & Co. enjoyed an excellent half-year, still driven by strong momentum in the United States. At Bulgari, the Serpenti and Bzero1 Classic lines were important growth drivers, while new records were set by the recently launched High Jewelry and High Watchmaking collection Eden: The Garden of Wonders and its watch lines, including the new Octo Finissimo Ultra. Chaumet and Fred performed very well over the first half. Several watchmaking innovations from TAG Heuer, Hublot and Zenith were unveiled at the Watches & Wonders Geneva summit.

The Wines & Spirits business group recorded organic revenue growth of 14% in the first half of 2022. Profit from recurring operations was up 25% compared to the first half of 2021.

The Fashion & Leather Goods business group recorded organic revenue growth of 24% in the first half of 2022. Profit from recurring operations was up 33%. Driven as always by an exceptional creativity and with a major cultural focus, Louis Vuitton had an excellent first half across all its business activities and maintained its profitability at an exceptional level.

The Perfumes & Cosmetics business recorded organic revenue growth of 13% in the first half of 2022. Profit from recurring operations was down 1% due to its highly selective policy in distribution and promotion.

In Selective Retailing, revenue was up 22% in the first half of 2022. Profit from recurring operations was up 181%.

Given the current geopolitical environment and taking into account the health situation, the Group will maintain a strategy focused on continuously strengthening the desirability of its brands, by relying on the exceptional quality of its products and the excellence of their distribution.

August 18, 2022