LVMH Moët Hennessy Louis Vuitton, the high-quality products group, recorded revenue of €42.2 billion ($46.7 billion) in the first half of 2023, up 15%. Organic revenue growth was 17% compared to the same period in 2022. All business groups achieved double-digit organic revenue growth over the half year, except for Wines & Spirits, which faced a particularly high basis of comparison.
 
In the second quarter, organic revenue growth was 17%, in line with trends seen in the first quarter.
 
Profit from recurring operations for the first half of 2023 was up 13% at €11,574 million ($12,802 million). Operating margin reached 27.4% of revenue. Group share of net profit was up 30% at €8 481 million.
 
Bernard Arnault, chairman and CEO of LVMH, said: “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. The strong creative momentum and excellent distribution of our Maisons continued to inspire dreams, as demonstrated by the enthusiastic reception given to Pharrell Williams’ first fashion show for Louis Vuitton as well as the reopening of the New York ‘Landmark’ of Tiffany & Co. We continued to see progress relating to our environmental, social and societal commitments, most notably in the recent announcement of an ambitious water sobriety plan intended to reduce our overall water consumption footprint by 30% by 2030.

Perfumes & Cosmetics

The Perfumes & Cosmetics business group recorded organic revenue growth of 13% in the first half of 2023 thanks to strong momentum achieved through innovation, combined with a highly selective distribution policy. Profit from recurring operations was up 15%.
 
Christian Dior enjoyed a remarkable performance, strengthening its leadership in its strategic markets. Sauvage confirmed its position as the world’s leading perfume, while the iconic women’s fragrances J’adore and Miss Dior saw continued success.
 
Makeup also contributed to the strong set of results from the Maison, particularly Dior Addict Lip Maximizer and Forever Skin Correct foundation.
 
Finally, skincare had an excellent performance, particularly in the premium segment in Asia with its iconic Prestige range. Guerlain continued to grow, driven notably by the vitality of its Abeille Royale skincare and its high-end perfumery collection l’Art et la Matière, enriched with a new Jasmin Bonheur creation. Givenchy benefited from the excellent reception of its new fragrance Gentleman Society. Benefit successfully expanded its The Porefessional skincare range, while Fenty Beauty’s latest creation, Hella Thicc mascara, is already one of the Maison’s bestsellers.

Outlook 2023

In an uncertain geopolitical and economic environment, the Group says it will maintain a strategy focused on continuously strengthening the desirability of its brands, by relying on the “exceptional quality of its products and the excellence of their distribution.”
 
“Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023,” Arnault added.