Luxury retail group Moët Hennessy Louis Vuitton (LVMH) has posted record revenue growth for its first financial half of 2018.
Revenue came in at €21.8 billion (£19.37 billion) compared to the same period in 2017, with the US, Asia and Europe markets all experiencing good growth.
Speaking in light of the results, chairman and LVMH chief executive Bernard Arnault said ”the excellent results of the first half of the year attest to the strong desirability of our brands and the effectiveness of our strategy”.
He added: “The performance of the first half is even more remarkable given the unfavourable currency environment.
“The standards of quality and creativity required from our Maisons, which combine both modernity and tradition, are key to LVMH’s success, always driven by a long-term vision.”
LVMH’s fashion and leather goods business posted record organic revenue growth of 15 per cent, with profit from recurring operations up 27 per cent.
LVMH noted the arrival of Virgil Abloh at Louis Vuitton and Kim Jones’ first collection at Dior Homme as helping boost the balance between tradition and modernity at the fashion monolith.
Moving on to discuss the pressure of current geopolitical concerns, Arnault said: “Despite buoyant global demand, monetary and geopolitical uncertainties remain.
“In this context, we will stay vigilant and rely on the talent of our teams and the shared entrepreneurial passion to further increase our leadership in the world of high quality products in 2018.”
Looking ahead, LVMH didn’t provide specifics over its geographic expansion plans but said that despite “unfavourable exchange rates and geopolitical uncertainties” it would be continuing to move into “promising markets” while managing costs.
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