LVMH Sales Revenues Continue to Rise in the First Half of 2023

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Luxury goods are still selling, at least according to the latest financial results from conglomerate LVMH, the parent company of Louis Vuitton and so many other popular brands. LVMH reported a 17% increase in organic sales revenues during the first half of 2023, as compared to the same time period in 2022. “Excellent” and double digit results occurred in the last six months, according to the company boasting double digit improvement in all business lines except Wines & Spirits. And, yes, LVMH’s largest sector – Fashion & Leather Goods – can pop a champagne cork over its continued growth. At least, for the moment.

Chairman and CEO of LVMH Bernard Arnault said in the company’s release: 

“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… 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 is in a back and forth with Elon Musk over who is the wealthiest man in the world. The result varies depending upon the daily stock price of their respective companies. Regardless, Arnault’s net worth hovers around $200 billion.

It’s not all smooth sailing, however. The Wine & Spirits division, LVMH’s smallest group, experienced a decline, as compared to the “particularly strong first half of 2022.” Cognac sales, in particular, were impacted by the U.S. economy and high stock levels.

The company’s largest group, Fashion & Leather Goods, which represented about half of LVMH revenues, saw organic sales revenues rise 20% (17% on a reported basis). This division includes Louis Vuitton, Christian Dior, Celine, Loro Piana, and Loewe, which provide a cornucopia of popular handbag options. 

In releasing financials, LVMH does not break down results by brand. Among the noted successes though were Pharrell Williams’ first showing for Louis Vuitton and Maria Grazia Chiuri’s multiple fashion shows. 


Further, LVMH reports strong business growth in Europe and Asia. Specifically, Asia (excluding Japan) revenues rose 23% over the first half of 2022, with a 34% jump in Q2. Europe and Japan also experienced double digit growth in the six months of 2023, however, the greater changes were in Q1 rather than Q2. 

On the other hand, LVMH noted a softening in the United States, which was only up 3% for the period. The 8% growth during Q1 largely was cancelled out by a Q2 decline of 1%. This was attributed particularly to what LVMH called the  U.S. “aspirational” consumer. During the investor call, LVMH Chief Financial Officer Jean-Jacques Guiony said:

“The aspirational customer is suffering a bit. We are experiencing drops with entry price products, with online sales, with second tier cities, a clear sign that the aspirational customer is not shopping as much.”

As for the impact of price increases Guiony said the hikes in 2022 had little effect on the financial results. The 2023 limited hikes in Europe, he said, also had nominal effects as Europe represents only about one quarter of the Fashion & Leather Goods business. 

The Watches & Jewelry business group achieved organic revenue growth of 13% for the first half of 2023. LVMH says Tiffany had “excellent momentum with the exceptional success” of its reopening of the landmark NYC Fifth Avenue store. The company intends to redo all of its stores over the next three to five years.

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Tell us whether your Louis Vuitton, Dior, Celine, or Fendi buying plans changed. What is on your wishlist?

Love, PurseBop

Published: July 25th, 2023
Updated: July 26th, 2023

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