LVMH revenues rise 28% to £23.9bn in H1

LVMH has reported a 28% rise in revenues for the first half (H1) of 2022, from €28.6bn (£23.9bn) in H1 2021 to €36.7bn (£30.7bn), with all business groups achieving double-digit organic revenue growth over the period.

The group’s Watches and Jewellery revenues grew 22% from €4.02m (£3.3m) in the first half of 2021 to €4.9m (£4.1m).

In the second quarter, revenues increased by 27% as sales in Europe and the United States have been up “sharply” since the start of the year. However, Asia saw a lower level of growth due to the new health restrictions in China.

Profit from recurring operations was up 26% for the Watches and Jewellery business. In jewellery, Tiffany and Co. sales were driven by “strong” momentum in the United States.

The new Knot collection notably benefited from “sustained” demand, as did the High Jewellery collection Blue Book, which saw “record” sales.

At Bulgari, the Serpenti and Bzero1 Classic lines were “important growth drivers”, while new records were set by the recently launched High Jewelry and High Watchmaking collection Eden: The Garden of Wonders.

LVMH said that, given the current geopolitical environment and taking into account the health situation, the group will maintain a strategy focused on “continuously strengthening the desirability of its brands”, by relying on the quality of products and distribution.

Additionally, LVMH announced that an interim dividend of €5 (£4.19) will be paid on 5 December 2022.

Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH has enjoyed an excellent start to the year, to which all of our business groups contributed. It is the creativity and quality of our products, the excellence of their distribution and the rich cultural heritage of our Maisons, fueled by their history and know-how, that enable the Group to excel around the world.

“We approach the second half of the year with confidence, but given the current geopolitical and health situation, we will remain vigilant and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2022.”

source https://www.jewelleryfocus.co.uk/206073-lvmh-revenues-rise-28-to-23-9bn-in-h1