The company saw varied performance across different regions. Europe and the US achieved growth on a constant consolidation scope and currency basis. Japan stood out with a remarkable double-digit revenue growth, reflecting strong consumer spending. The rest of Asia also contributed significantly, driven by robust spending by Chinese customers in both Europe and Japan, the company said in a press release.
LVMH’s profit from recurring operations for H1 FY24 reached €10.7 billion, resulting in an impressive operating margin of 25.6 per cent. The group share of net profit amounted to €7.3 billion.
The fashion and leather goods business group, a core segment for LVMH, recorded a modest organic revenue growth of 1 per cent, amounting to €2.11 billion. However, profit from recurring operations in this segment saw a decline of 6 per cent.
In contrast, the selective retailing segment demonstrated robust performance with an 8 per cent organic revenue growth in the first half of FY24. Profit from recurring operations in this segment increased by 7 per cent.
“The results for the first half of the year reflect LVMH’s remarkable resilience, backed by the strength of its maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty. Driven as ever by our dual focus on desirability and responsibility, we have continued to work towards achieving the targets set out in our environmental and social action programs. While remaining vigilant in the current context, the group approaches the second half of the year with confidence and will count on the agility and talent of its teams to further strengthen its global leadership position in luxury goods in 2024,” said Bernard Arnault, chairman and CEO of LVMH.
Fibre2Fashion News Desk (DP)
