Record first-half performance for LVMH

Organic revenue growth was 53% compared to 2020 and 11% compared to 2019. This performance reflects accelerated growth in the second quarter of 2021, which saw organic revenue increase by 14% compared to 8% in the first quarter.

The first half of this year marks a return to strong growth momentum after a severely disrupted year in 2020 resulting from the global pandemic. The largest business group, Fashion & Leather Goods, achieved record levels of revenue with organic growth of 81% compared to 2020, and 38% compared to 2019. The United States and Asia are up sharply since the start of the year while Europe is experiencing a gradual recovery.

Profit from recurring operations was €7,632 million for the first half of 2021, up 44% compared to the first half of 2019 and more than four times higher than that of 2020. Operating margin reached 26.6%, up 5.5 points compared to 2019. Profit from recurring operations for the Fashion & Leather Goods business group stood at €5,660 million for the first half, more than three times that of 2020, and up 74% compared to 2019. Group share of net profit amounted to €5,289 million, up 62% compared to 2019 and 10 times higher than 2020. Operating free cash flow exceeded €5 billion, more than three times that of 2019.

The Wines & Spirits business group recorded organic revenue growth of 44% in the first half of 2021 compared to the same period of 2020 and 12% compared to that of 2019. Profit from recurring operations was up 20% compared to the first half of 2019.

The Fashion & Leather Goods business group recorded organic revenue growth of 81% in the first half of 2021 compared to the same period of 2020. Organic revenue growth compared to the first half of 2019 was 38%. Profit from recurring operations was up 74% compared to the first half of 2019 and represents more than three times that of 2020.

The Perfumes & Cosmetics business group recorded organic revenue growth of 37% in the first half of 2021 compared to the same period of 2020. Organic revenue was down 3% compared to the first half of 2019. Profit from recurring operations was up 1% compared to the first half of 2019.

The Watches & Jewelry business group recorded organic revenue growth of 71% in the first half of 2021 compared to the same period in 2020 and 5% compared to that in 2019 (excluding Tiffany). Profit from recurring operations was up 122% compared to the first half of 2019 and 27% excluding the effect of the integration of Tiffany. The first half saw the integration for the first time of jewellery Maison Tiffany, which has benefited from the focus on its iconic products. Bvlgari saw good growth in jewellery, particularly in its network of own-name stores. The new Magnifica high-end jewellery collection was unveiled in June. Chaumet inaugurated its new exhibition “Joséphine et Napoléon” at its recently restored historic address at 12 Place Vendôme. In watchmaking, TAG Heuer signed a major partnership with Porsche and launched the Carrera Porsche chronograph to mark the occasion. Official watch for the Euro 2020, Hublot enjoyed high visibility during the second quarter.

In Selective Retailing, organic revenue was up 12% compared to the first half of 2020 and down 25% compared to the first half of 2019. Profit from recurring operations was once again positive but was down 82% compared to the first half of 2019.

Within the context of emerging from the public health crisis, 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 12, 2021