LVMH Reports €41.7 Billion Revenue in H1 2024 with Fashion & Leather Goods Leading Growth at €20.8 Billion

LVMH Reports €41.7 Billion Revenue in H1 2024 with Fashion & Leather Goods Leading Growth at €20.8 Billion

LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury goods conglomerate, has reported a revenue of €41.7 billion for the first half of 2024. This performance showcases the group’s resilience and ability to grow organically by 2% amid a volatile geopolitical and economic environment.

Despite the overall challenging landscape, the group achieved growth across key markets. Europe and the United States showed positive trends on a constant consolidation scope and currency basis, while Japan experienced double-digit revenue growth, largely driven by increased spending from Chinese tourists.

The rest of Asia also saw strong growth, particularly in consumer spending by Chinese customers in Europe and Japan. The second quarter of 2024 saw organic revenue growth of 1%.

Financial Performance

LVMH’s profit from recurring operations reached €10.7 billion, reflecting an operating margin of 25.6%, which significantly surpasses pre-COVID-19 levels. However, exchange rate fluctuations negatively impacted the half-year results. The group’s net profit share stood at €7.3 billion.

“Our first half results underline LVMH’s remarkable resilience and commitment to quality, we continue to focus on desirability and responsibility, achieving targets in our environmental and social action programs. Our partnership with the Paris 2024 Olympic and Paralympic Games highlights our commitment to creativity, craftsmanship, and societal contribution.”

Bernard Arnault, Chairman and CEO of LVMH

Key Highlights from H1 2024

  • Organic Revenue Growth: Despite exchange rate impacts, LVMH sustained organic revenue growth.
  • Geographical Performance: Europe and the United States showed growth, while Japan saw exceptional performance, driven by Chinese tourists.
  • Fashion & Leather Goods: This segment showed good resilience with Louis Vuitton and Christian Dior maintaining high operating margins.

Financial Metrics

In millions of eurosFirst-half 2023First-half 2024% Change
Revenue42,24041,677-1%
Profit from Recurring Operations11,57410,653-8%
Net Profit, Group Share8,4817,267-14%
Operating Free Cash Flow1,7973,130+74%
Net Financial Debt12,46512,158-2%
Equity59,44966,480+12%

Revenue by Business Group

In millions of eurosFirst-half 2023First-half 2024% Change (Reported)% Change (Organic)
Wines & Spirits3,1812,807-12%-9%
Fashion & Leather Goods21,16220,771-2%+1%
Perfumes & Cosmetics4,0284,136+3%+6%
Watches & Jewelry5,4275,150-5%-3%
Selective Retailing8,3558,632+3%+8%

Profit from Recurring Operations by Business Group

In millions of eurosFirst-half 2023First-half 2024% Change
Wines & Spirits1,046777-26%
Fashion & Leather Goods8,5628,058-6%
Perfumes & Cosmetics4464450%
Watches & Jewelry1,089877-19%
Selective Retailing734785+7%

Fashion & Leather Goods

The Fashion & Leather Goods segment saw organic revenue growth of 1% in the first half of 2024. Despite a 6% decrease in profit from recurring operations, the operating margin remained historically high.

Louis Vuitton continued its successful strategy with notable events such as Nicolas Ghesquière’s Fall/Winter fashion show and Pharrell Williams’ “The World is Yours” show at UNESCO’s headquarters.

Christian Dior sustained creative momentum with its Women’s Cruise collection show in Scotland and the Diorama high jewelry collection in Florence.

Celine, Loewe, Fendi, Loro Piana, Rimowa, and Berluti all contributed to the segment’s performance with their innovative products and events.

Outlook for 2024

LVMH remains optimistic about the second half of 2024 despite the uncertain geopolitical and economic environment. The group plans to continue enhancing brand desirability through quality products and excellence in retail. An interim dividend of €5.50 will be paid on December 4, 2024.

In conclusion, LVMH’s first-half results for 2024 highlight the group’s resilience and strategic focus on quality and brand desirability. With strong performance across various segments and markets, LVMH is well-positioned to maintain its global leadership in the luxury goods industry throughout the year.

Like this article? Share it with your network!

Arshad

Arshad

He is an engineer specializing in Leather Technology, known for his keen interest in analyzing global leather, footwear, and leather goods markets & his ability to make complex information clear & accessible. 

Write for Us

Share your stories, experiences, opinions, and analysis in the expert columns of leathernews.org and reach a niche audience and make your voice heard in the global leather, footwear & leather goods industry.

Support Us

We bring you the latest news, insights, and analysis from the global leather, footwear, & leather goods industries

Search Articles

Roll Up Your Sleeves & Join Our Exclusive Newsletter

Get our free weekly newsletter that keeps hundreds of professionals in the global leather, footwear & leather goods industry updated with the latest insights & news.

Recent News

Italian Leather Maker Bonaudo Launches Global Student Design Contest With IED

Bonaudo S.p.A., a prominent name in Italian leather Industry since 1923, has announced a unique...

Coach Parent Company Tapestry Reports $1.51 Billion in Q1 2025 with $187 Million in Net Income

Tapestry Inc., the parent company behind brands like Coach, Stuart Weitzman, and Kate Spade...

Evolved By Nature Partners with Authentic Thai Leather to Drive Sustainable Leather Production

In a recent partnership, Evolved By Nature, a leader in natural peptide technology, has joined...

Support Us

We bring you the latest news, insights, and analysis from the global leather, footwear, & leather goods industries