There are two ways to treat the news of LVMH's half-year results.
The first, alarmist and even sensationalist, notes a slowdown in sales in the United States, up "only" 3%. This would be the umpteenth sign of a more general economic slowdown, of which the French group would be one of the many canaries in the mine. (On the subject of the US luxury goods market, see our article on Richemont).
The second, more objective perhaps, will be amazed by global sales up 17% and an operating margin on its all-time highs. This is the genius of the LVMH model - the strength of a diversified business portfolio so well constructed that the weakness of some segments is offset by the strength of others.
In detail, there was a marked 11% decline in cognac sales: a warning to Remy Cointreau shareholders. Fashion, leather goods, cosmetics, jewelry and jewelry, on the other hand, are in insolent health. Gold medal for the retail segment - Sephora, DFS and Le Bon Marché - with growth of 26%.
Half of consolidated sales continue to be generated in Europe and the United States, the other half - for the most part - in Asia and the rest of the world. Japan, Asia and Europe grew by 31%, 23% and 22% respectively in the first half compared to the same period last year.
LVMH's exceptional results stand in stark contrast to those of Kering, whose overall strategy is less clear and whose hyper-dependence on Gucci is increasingly dangerous.
LVMH Moët Hennessy Louis Vuitton SE is the world leader in luxury products. Net sales break down by family of products as follows:
- fashion and leather items (48.9%): brands such as Louis Vuitton, Kenzo, Celine, Fendi, Marc Jacobs, Givenchy, etc.;
- watches and jewels (12.8%): Bulgari, TAG Heuer, Zenith, Hublot, Chaumet, Fred brands, Tiffany, etc.;
- perfumes and cosmetics products (9.6%): perfumes (Christian Dior, Guerlain, Loewe, Kenzo brands, etc.), makeup products (Make Up For Ever, Guerlain, Acqua di Parma, etc.), etc.;
- wines and spirits (7.7%): champagnes (Moët & Chandon, Mercier, Veuve Clicquot Ponsardin, Dom Pérignon brands, etc.; No. 1 worldwide), wines (Cape Mentelle, Château D'Yquem, etc.), cognacs (mainly Hennessy; No. 1 worldwide), whisky (mainly Glenmorangie), etc.;
The remaining sales (21%) are from selective distribution through the Sephora, DFS, Miami Cruiseline chains and Le Bon Marché and La Samaritaine department stores.
At the end of 2023, products are marketed via a network of 6,097 outlets located throughout the world.
Net sales are distributed geographically as follows: France (7.9%), Europe (16.4%), Japan (7.3%), Asia (30.8%), the United States (25.3%) and other (12.3%).
LVMH 
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