THE WHAT? LVMH has reported its results for the first half of fiscal 2024. The luxury goods conglomerate said that growth continued over the period, with revenue up 2 percent in organic terms, despite a geopolitical and economic environment that remained uncertain. In reported terms, growth dropped by 1 percent to €41.7 billion.

THE DETAILS Profit from recurring operations was down 8 percent for the first half versus the prior year, and net profit plummeted 14 percent.

The company singled out the Perfumes & Cosmetics category as one of its highlights, with ‘rapid growth’ in fragrances and make-up. The category put on 3 percent (reported) in revenue, for a total of €4,136 million; as did Selective Retailing, bringing the unit’s revenue to €8,632 million.   

THE WHY? Bernard Arnault, Chairman and CEO of LVMH, commented, “The results for the first half of the year reflect LVMH’s remarkable resilience, backed by the strength of its Maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty… While remaining vigilant in the current context, the Group approaches the second half of the year with confidence, and will count on the agility and talent of its teams to further strengthen its global leadership position in luxury goods in 2024.”