Record profitability for LVMH leathergoods brands
Luxury group LVMH has reported revenues of €36.7 billion for the first six months of 2022, an increase of 28% compared to the same months in 2021.
It said its leathergoods and fashion business had achieved “a remarkable performance”, particularly Louis Vuitton, Christian Dior, Fendi, Celine, Loro Piana. It also picked out the performance of Loewe. It said that these brands, together, had gained market share across the board and achieved new record highs for profitability.
The leathergoods division contributed combined revenues of €18.1 billion, an increase of 31%, almost half the group’s total. In terms of profit, these brands contributed €7.5 billion to a group total of €10.25 billion, an increase for the leather division of 33% year on year. Geographically, there was strong growth in the US, Europe and Japan.
Other leather highlights included the opening of two new Louis Vuitton leathergoods workshops in France, and a new line of high-end leathergoods created by Hedi Slimane for Celine’s Triomphe and 16 collections.
Chief executive, Bernard Arnault, commented: “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.”
Image shows detail from one of the bags in the Celine Triomphe collection.
