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French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has announced a strong second quarter sales performance, particulary in the US market.
Headquartered in Paris, LVMH owns more than 60 subsidiaries which manage jewellery brands such as Bulgari, Chaumet, and Fred and watch manufacturers TAG Heuer, Zenith, and Hublot. LVMH also acquired Tiffany & Co in 2021.
In Q2, LVMH revenue (€18.4 billion) organically increased by 19 per cent compared with the same period in 2021.
Sales in Europe and the US have been up sharply so far this year, while Asia saw a lower level of increase due to the pandemic restrictions in China.
So far this year, the watches and jewellery business has achieved an organic revenue increase of 16 per cent compared with 2021. Profit from recurring operations has increased by 26 per cent.
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, fueled 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.”
In 2021 LVMH reported sales revenue in excess of €64 billion ($AU93.4 billion).
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