// LVMH revenue rises 56% to £24.5bn in the first half of the year
// Group share of net profit increased 62% compared with 2019 and 10 times higher than the £445m seen last year
LVMH has reported revenue of €28.7 billion (£24.5 billion) in the first half of the year, up 56 per cent compared with the same period last year when its revenue was €18.39 billion (£15.62 billion).
The French luxury conglomerate said this was due to accelerated growth in the second quarter of the year, during which organic revenue increase by 14 per cent compared with eight per cent in the first quarter.
LVMH benefitted in its second quarter from strong demand from customers in both the US and China.
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“Demand is very strong everywhere in the world, and in almost all of our categories,” LVMH chief financial officer Jean Jacques Guiony said.
“We are coming out of the crisis with remarkable levels of profitability.”
Group share of net profit amounted to €5.28 billion (£4.5 billion), up 62 per cent compared with 2019 and 10 times higher than the €522 million (£445 million) seen last year.
Operating free cash flow exceeded €5 billion (£4.26 billion), more than three times that of 2019.
LVMH chairman and chief executive Bernard Arnault said: “LVMH has enjoyed an excellent half-year and is reaping the benefits of having continued to innovate and invest in its businesses throughout the pandemic despite being in the midst of a global crisis.
“The creativity, the high quality and enduring nature of our products and the sense of responsibility that drives us, have been critical in enabling us to successfully withstand the effects of the pandemic; they will remain firmly embedded in all our maisons, thereby ensuring their continued desirability.
“Highlights from the first half include the integration of the Maison Tiffany and the inauguration of La Samaritaine after an ambitious renovation programme.
“Within the current context, as we emerge from the health crisis and see a recovery in the global economy, I believe that LVMH is in an excellent position to continue to grow and further strengthen our lead in the global luxury market in 2021.
“As France is the principal recruitment area and the country of origin of many of our products, the growth of LVMH benefits the country today, and even more tomorrow, with all our Maisons being proud to make their contributions.”