LVMH reports good first half-year results

Europe and the United States achieved growth on a constant consolidation scope and currency basis; Japan recorded double-digit revenue growth; the rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan. In the second quarter, organic revenue growth was 1%.

Profit from recurring operations for the first half of 2024 came to €10.7 billion, equating to an operating margin of 25.6%, significantly exceeding pre-Covid levels. Exchange rate fluctuations had a substantial negative impact on the half-year period. The Group share of net profit amounted to €7.3 billion.

The Watches & Jewellery business group saw a revenue decline (-3% organic) in the first half of 2024. Profit from recurring operations was down 19%, heavily affected by exchange rate fluctuations. Tiffany & Co. continued to showcase its iconic lines through initiatives including a new campaign that received an excellent welcome. Bulgari celebrated its 140^th anniversary with the “Eternally Reborn” campaign and presented the new Aeterna high jewelry collection in Rome, which achieved record-breaking revenue. Chaumet unveiled the medals for the Paris 2024 Olympic and Paralympic Games, created by its design studio.

In watches, TAG Heuer strengthened its ties with sports, particularly motor sports with the successful relaunch of its historic Formula 1 collection. Hublot reaffirmed its pioneering role in the art world with a pocket watch designed in collaboration with Daniel Arsham. LVMH Watch Week – now a leading event on the international watch scene – was a major success. LVMH announced the acquisition of prestigious high-end Swiss clock manufacturer L’Epée 1839.

In an uncertain geopolitical and economic environment, the Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the exceptional quality of its products and excellence in retail.

August 15, 2024