Organic revenue growth (with comparable structure and constant exchange rates) was reportedly 17% year-on-year and LVMH noted that all business groups achieved double-digit organic revenue growth with the exception of Wines & Spirits.
Fashion & Leather Goods achieved an increase of 17% on a reported basis and 20% on an organic basis to €21.16 billion. Watches & Jewellery had reported growth of 11% and organic growth of 13% to €5.43 billion. Selective Retailing was up by 26% on both metrics to €8.36 billion.
Group profit from recurring operations was up by 30% year-on-year to €11.57 billion. For Fashion & Leather Goods, this result was up by 14% to €8.56 billion, while the increase was 10% for Watches & Jewellery to €1.09 billion and Selective Retailing was up by 100% to €734 million.
In the Fashion & Leather Goods segment, LVMH highlighted success for Louis Vuitton, particularly with the advent of Pharrell Williams as Men’s Creative Director. Christian Dior reportedly achieved growth in all product categories while Loewe opened Casa Dubaï.
LVMH Chairman and CEO Bernard Arnault said: “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. The strong creative momentum and excellent distribution of our Maisons continued to inspire dreams, as demonstrated by the enthusiastic reception given to Pharrell Williams’ first fashion show for Louis Vuitton as well as the reopening of the New York “Landmark” of Tiffany & Co.
“We continued to see progress relating to our environmental, social and societal commitments, most notably in the recent announcement of an ambitious water sobriety plan intended to reduce our overall water consumption footprint by 30% by 2030. Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023.”