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LVMH fashion revenues and profits soar

LVMH’s fashion and leather goods division’s revenue grew 21% in the six months to 30 June, compared with the same period last year. 

The French luxury group’s revenue increased from €8.6bn in 2018 to €10.4bn (£7.7bn to £9.3bn), which it attributed to Louis Vuitton’s growth in all its businesses and in all regions. 

The fashion house did not disclose revenue by brand but said Christian Dior had had a “remarkable performance during the first half”, while Spanish fashion house Loewe had an “excellent performance”, driven in particular by the success of its new collections.

Revenue grew by double-digit percentages across some of its other sectors, including perfumes and cosmetics (12%), selective retailing (12%) and watches and jewellery (8%). Wine and spirits revenue rose by 9%.  

Overall reported revenue growth for the business was 15% on 2018 to €25bn (£22.3bn). 

Meanwhile, the fashion and leather goods division’s profits from recurring operations for the first half of 2019 increased by 17% to $3.2bn (£2.85n). Overall reported profit growth rose by 14% to $5.2bn (£4.6bn).

Bernard Arnault, chairman and chief executive of LVMH, said: ”LVMH has made an excellent start to the year. These results once again illustrate the effectiveness of our strategy and the exceptional desirability of our Maisons, whose products transcend time. Their constant demand for quality and their consistently refreshed creativity are key to LVMH’s success, always guided by a long-term vision, combining exemplarity and responsibility in all the company’s actions. Despite buoyant demand, we will continue to manage costs and remain vigilant into the second half of the year.

“We are therefore entering the second half of the year with confidence and count on the talent of our teams and their shared entrepreneurial passion to further increase, once again in 2019, our leadership in the world of high-quality products.”

Last week Arnault became the world’s second-richest person, overtaking Microsoft founder Bill Gates. Arnault is worth $300bn (£240bn), Forbes magazine reported. 

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