LVMH reports Q2 sales rise as European recovery helps luxury giant ride China lockdown  

LVMH reports Q2 sales rise as European recovery helps luxury giant ride China lockdown  

THE WHAT? LVMH has reported better-than-expected Q2 revenue that was attributed to boost in tourism in Europe and resilient US sales, which helped the luxury company ride out the fall in its Chinese business as it endured COVID lockdowns. 

THE DETAILS LVMH recorded revenue of recorded revenue of €36.7 billion in the first half of 2022, up 28 percent compared to the same period in 2021.

Q2 revenue increased by 27 percent against a particularly high basis of comparison. According to LVMH, “Europe and the United States have been up sharply since the start of the year, while Asia saw a lower level of growth due to the new health restrictions in China.”

The Perfumes & Cosmetics business recorded organic revenue growth of 13 percent in the first half of 2022.

THE WHY? Bernard Arnault, Chairman and CEO of LVMH, said, “LVMH has enjoyed an excellent start to the year, to which all of our business groups contributed. It is the creativity and quality of our products, the excellence of their distribution and the rich cultural heritage of our Maisons, fuelled by their history and know-how, that enable the Group to excel around the world. 

“We approach the second half of the year with confidence, but given the current geopolitical and health situation, we will remain vigilant and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2022.”

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