LVMH’s overall revenue decreased by 1 per cent to €41.68 billion ($AUD69.04 billion) over the past six months. Sales from the jewellery and watches division declined by 5 per cent.
The report highlighted strong sales in the US and Europe; however, revenue slowed in the Asia Pacific region as consumer sentiment weakened.
Despite widespread pessimism about consumer confidence, LVMH chair Bernard Arnault forecasted an optimistic second half of the year.
“The results for the first half of the year reflect LVMH’s remarkable resilience, backed by the strength of its maisons [brands] and the responsiveness of its teams in a climate of economic and geopolitical uncertainty,” he said.
“While remaining vigilant in the current context, the group approaches the second half of the year with confidence and will count on the agility and talent of its teams to further strengthen its global leadership position in luxury goods in 2024.”
By market capitalisation, LVMH is the world’s 26th largest company at $USD359.7 billion ($AUD548.6 billion), overseeing more than 70 brands, including Tiffany & Co, Bulgari, Kering, and TAG Heuer.
Luxury rival Richemont recently reported a modest increase in sales for the first quarter. In other news, the Swatch Group reported a significant sales decline, and Watches of Switzerland announced ambitious plans to double profit and revenue.
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