LVMH (Louis Vuitton Moet Hennessy) is firmly on the road to recovery. The world’s largest luxury goods group reported revenues of 28.7 billion euros (AUD$46.38 billion) for the first half of the year – an increase of 56 per cent over the same period in 2020.
Fashion and leathergoods was the big earner, soaring 74 per cent in the first six months of the year to 13.86 billion euros (AUD$22.4 billion).
The group’s Perfumes and Cosmetics division, led by Parfums Christian Dior, Givenchy, Guerlain and Maison Francis Kurkdjian, posted sales growth of 31 per cent for the first half to 3.02 billion euros (AUD$4.88 billion).
Guerlain continued to excel through its luxury skincare franchises – Abeille Royale and Orchidee Imperiale. The L’Interdit fragrance collection moved the dial for Givenchy.
The drop in travel retail sales in the Perfumes and Cosmetics division was offset by huge growth in online sales, says LVMH. A recovery in the European market in particular saw Christian Dior focus and benefit on its local customers in major markets as tourist numbers plummeted.
The Selective Retailing division, which includes DFS duty-free and Sephora, posted organic growth of 12 per cent in the first half to 5.08 billion euros (AUD$8.21 billion).
Highlights from the first half also included the integration of Tiffany and the inauguration of the La Samaritaine department store after an ambitious renovation program, said Bernard Arnault, Chairman and CEO of LVMH. “Within the current context, as we emerge from the health crisis and see a recovery in the global economy, I believe that LVMH is in an excellent position to continue to grow and further strengthen our lead in the global luxury market in 2021.”