LVMH Moët Hennessy Louis Vuitton’s profits are up a whopping 28 percent on a year-on-year basis. The world’s largest luxury products group – which owns Louis Vuitton, Christian Dior, Givenchy, Celine, Loewe, and Marc Jacobs, among other fashion and non-fashion brands, such as beauty retailer Sephora and spirits companies Dom Pérignon and Veuve Clicquot – announced on Tuesday that it recorded revenue of $25.5 billion in the first half of 2018, an increase of 10 percent compared to the same period in 2017.
In terms of LVMH’s Fashion & Leather Goods business group, it recorded organic revenue growth of 15 percent, with profit from recurring operations up 27 percent. LVMH pointed to “the remarkable growth at Louis Vuitton,” with “the arrival of Virgil Abloh, as Menswear Artistic Director, whose debut fashion show was widely commented on across social media, and was exceptionally well received,” as serving as a point of note.
Moreover, “Christian Dior … had an excellent performance. Kim Jones, appointed Artistic Director of Dior Homme, unveiled his first collection, which also received a formidable welcome. Céline entered a new and ambitious stage of its development with the appointment of Hedi Slimane as Artistic, Creative and Image Director of the brand, whose first collections will be presented in September. Fendi and Loro Piana continued to grow.”
Still yet, LVMH noted that Fenty Beauty, which is part of its Kendo division, “grew strongly,” in line with reports that Rihanna’s beauty venture brought in $100 million in its first 40 days of sales, while online platform 24 Sèvres, which launched a year ago, has “developed actively.”
Bernard Arnault, the chairman and CEO of Paris-based LVMH, stated on Tuesday, “The excellent results of the first half of the year attest to the strong desirability of our brands and the effectiveness of our strategy … [and] the standards of quality and creativity required from our Maisons, which combine both modernity and tradition.”
Accoridng to LVMH, highlights of the first half of 2018 include “strong growth in Asia and the United States,” “outstanding momentum at Louis Vuitton, where profitability remains at an exceptional level,” “success of new products at Christian Dior across all product lines,” and “Sephora’s strong revenue growth in stores and online.”