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The France based luxury conglomerate has reported a 1% drop in revenue for its fashion and leather goods division in the first half of 2016 and says it will continue with creative reinforcement and investment of its brands.
LVMH has reported an overall 1% drop in revenue (0% on an organic basis) for its fashion and leather goods division to €5.885 million in H1 2016, against €9.933 million in the same period in 2015. Profit from recurring operations in the division was down 2% to €1.63 million.
The Group has reported a strong momentum in the U.S. (+7%), which accounts for 26% of the Group’s revenue, and a continued growth in Europe (+5%), except in France where sales continue to be affected by declining tourism.
No details of the financial performance by brand has been released but, according to the financial report, Louis Vuitton has recorded a strong creative momentum with success of iconic lines and new models in the first half of 2016, while Fendi has registered an excellent performance led by creative performance, and Celine a good progression for its shoes and accessories lines.
LVMH, which has recently announced the sale of its Donna Karan brand to American clothing company G-III, said it will continue with the repositioning of the collections for Marc Jacobs, which seems to be performing less well in recent quarters compared with other brands from the Group.