The second quarter (Q2) of FY23 saw a continuation of the strong growth trend, with organic revenue growth at 17 per cent, matching the performance in Q1.

LVMH witnessed a significant surge in business activities across Europe and Asia. The profit from recurring operations for H1 FY23 amounted to €11,574 million, a year-on-year increase of 13 per cent, the company said in a press release.

The group's operating margin reached an impressive 27.4 per cent of revenue. Additionally, the group share of net profit rose by 30 per cent, resulting in a net profit of €8,481 million.

The fashion and leather goods business segment saw a substantial organic revenue growth of 20 per cent, reaching €21,162 million in H1 FY23. The profit from recurring operations increased by 14 per cent.

Bernard Arnault, chairman and CEO of LVMH, said: “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. We continued to see progress relating to our environmental, social, and societal commitments, most notably in the recent announcement of an ambitious water sobriety plan intended to reduce our overall water consumption footprint by 30 per cent by 2030.

“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.”

Fibre2Fashion News Desk (DP)