LVMH, the leading group world of high quality products, recorded revenues of 41,7 billion euros in the first half of 2024. Growth continued over the period (2% organic growth) despite a still uncertain geopolitical and economic context. Europe and the United States recorded growth on a consolidated basis, with constant scope and currency; Japan reported double-digit revenue growth; the rest of Asia reflects strong growth in spending by Chinese customers in Europe and Japan. In the second quarter, organic revenue growth was 1%.
Recurring operating profit for the first half of 2024 amounted to 10,7 billion euros, equal to an operating margin of 25,6%, significantly higher than pre-Covid levels. Exchange rate fluctuations had a material negative impact on the half-year. The share of the Group's net profit was 7,3 billion euros.
Bernard Arnault, President and CEO of LVMH, commented: “The first half results reflect the extraordinary resilience of LVMH, supported by the strength of its Maisons and the reactivity of its teams in a climate of economic and geopolitical uncertainty. Driven as always by our dual focus on desirability and responsibility, we continued to work to achieve the objectives set out in our environmental and social action programs. In a year marked by our partnership with the Paris 2024 Olympic and Paralympic Games, we are honored to share our creativity, excellent craftsmanship and deep commitment to society to make this event a resounding success and an opportunity for France to shine on the world stage. While remaining vigilant in the current context, the Group faces the second half of the year with trust and It will rely on the agility and talent of its teams to further strengthen its global leadership position in luxury goods in 2024."
The Results
Il group of business Wines & Spirits reported a revenue decline (-9% organic) in the first half of 2024. Profit from recurring operations fell 26%. Champagne fell, reflecting the ongoing normalization of post-Covid demand, but remained significantly higher than 2019.
Il group of Fashion & Leather Goods business posted organic revenue growth of 1% in the first half of 2024. Profit from recurring operations decreased by 6%. Heoperating margin remained at historically high levels. Louis Vuitton has had a good start to the year,once again guided by its successful strategy high quality.
Il group of business Perfumes & Cosmetics recorded organic revenue growth of 6% in H2024 XNUMX thanks to the continued success of its flagship lines, combined with strong innovation momentum and a selective distribution policy. Recurring operating profit remained stable. Christian Dior achieved a solid performance across all product categories and strengthened its leadership position in its strategic markets.
Il group of Watches & Jewelry business posted a decline in revenues (-3% organic) in the first half of 2024.budget from recurring management decreased by 19%, strongly influenced by exchange rate fluctuations. Tiffany & Co. has continued to showcase its iconic lines through initiatives including a new campaign that received a great reception.
In selective retail, organic revenue growth was 8% in the first half of 2024. Profit from recurring operations increased 7%.
