LVMH, the world’s largest luxury-goods company, has released its 2022 first semester results. The French luxury powerhouse delivered yet another record performance with revenues of EUR 36.7 billion, up 28% year-on-year in 2021. Organic revenue growth was 21%. All business groups achieved double-digit organic revenue growth during the period. Profit from recurring operations increased by 34% to EUR 10.2 billion.
As reported by other players (eg Swatch Group for the watch industry), growth was driven by Europe, Japan and the United States. Business in Asia (excluding Japan) was affected by partial lockdowns, particularly in China. Performance was positive for all business groups and once again remarkable for the Fashion and Leather Goods business group with revenues of EUR 18.1 billion (+31% reported).
Our main concern at MONOCHROME is that the watches and jewelery business group’s revenue grew by 22% to EUR 4.9 billion. Organic growth was 16%. Naturally, after integrating Tiffany into this segment, jewelry’s share of sales increased significantly over that of watches.
LVMH does not provide a breakdown of revenues per brand. The group reports excellent momentum for Tiffany and “good growth” for Bvlgari. Innovations delivered by TAG Heuer in press release and documentation, strong growth for Hublot and tremendous momentum with record number of orders at Zenith.
For more information and to access the LVMH press release please visit www.lvmh.com