LVMH Reports Revenue of €42.2 Billion EUR in First Half of 2023
Marking a 15% increase from the same period in 2022.
LVMH Moët Hennessy Louis Vuitton reported revenue of €42.2 billion EUR in the first half of 2023, marking a 15% increase from the parent company’s half-year figures in 2022.
The company, which is headquartered in Paris and houses luxury labels including Louis Vuitton, Christian Dior and Tiffany & Co., among others, saw its sales increase by 22% across Europe, compared to the same period last year. Revenues in Asia, excluding Japan, also heavily contributed to LVMH’s sky-high revenue, and overall, the group recorded organic revenue growth of 17% when weighed against the first half of 2022.
In a statement, Bernard Arnault, chairman and CEO of LVMH, said, “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. 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.”
However, LVMH did not perform as well in the U.S., charting a small 3% increase in sales in the region. “We experienced a little bit of pressure with the American customer to varying degrees among brands,” said Jean-Jacques Guiony, chief financial officer at LVMH. “If we assume that this is coming from a special group of customers that were benefiting from subsidies in the Covid pandemic period, those will come to an end at some point.”
On a global scale, LVMH reported a 20% increase in revenue for fashion and leather goods, while its perfumes and cosmetics sector earned a 13% increase in revenue. Watches and jewelry, meanwhile, recorded organic revenue growth of 13%, and selective retailing saw a 16% increase.
See LVMH’s full financial report for the first half of 2023 on the company’s website.
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