14% drop in LVMH's half-year net profit to €7.26bn due to economic and geopolitical uncertainties.
LVMH, the world's largest luxury group, reported a 14% drop in half-year net profit to €7.26 billion due to uncertain economic and geopolitical conditions. Sales decreased by 1% to €41.68 billion. Despite this, sales grew in Europe, US, and Japan, attributed to strong spending by Chinese customers in these markets. The fashion and leather goods division experienced a 2% decline in sales, while the perfumes and cosmetics division posted growth, as did the selective retailing division, including Sephora. However, sales dropped in the watches and jewelry, and wines and spirits divisions.
July 23, 2024
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