Bernard Arnault and LVMH have released their financial report for the second quarter of 2023. The conglomerate’s organic sales increased 17% year-over-year. Revenues amounted to 44.2 billion euros.
Among the fashion houses, Bernard Arnault singled out Nicolas Ghesquière and Louis Vuitton, Hedi Slimane and Celine, Maria Grazia and Dior, Jonathan Anderson with Loewe and JW Anderson. These creative directors are the most profitable for LVMH.
The most profitable project in the beauty sector was Sephora, and in cosmetic products, the Dior line. Tiffany & Co., Bulgari and TAG Heuer excelled in the Watches & Jewelry category. The only group of companies that reported a “slight decline in revenue” was Wines and Spirits (by 3%). According to the report, people stopped drinking cognac, so Hennessy did not achieve a good record.
In Europe, sales are consistently high. In the US, people have become more modest: the shopping boom after the removal of all quarantine restrictions subsided, and therefore the conglomerate’s sales too.
Previously, the details of the partnership between LVMH and the Paris Olympics were known. The conglomerate will allocate 150 million euros for the organization of the competition. We talk about it in more detail here.
