Excellent first half for LVMH

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LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, recorded revenue of €42.2 billion in the first half of 2023, up 15%. Organic revenue growth was 17% compared to the same period in 2022. All business groups achieved double-digit organic revenue growth over the half year, except for Wines & Spirits, which faced a particularly high basis of comparison.
In the second quarter, organic revenue growth was 17%, in line with trends seen in the first quarter.

Profit from recurring operations for the first half of 2023 was up 13% at €11 574 million. Operating margin reached 27.4% of revenue. Group share of net profit was up 30% at €8 481 million.

Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. The strong creative momentum and excellent distribution of our Maisons continued to inspire dreams, as demonstrated by the enthusiastic reception given to Pharrell Williams’ first fashion show for Louis Vuitton as well as the reopening of the New York “Landmark” of Tiffany & Co. 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% 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.”

Highlights of the first half of 2023 include:

  • An excellent first half despite a disrupted environment,
  • Significant revenue growth across all business groups except Wines & Spirits, which faced a high basis of comparison,
  • Strong growth in business in Europe and Asia,
  • Solid performance by champagne thanks to its value-based strategy, and a contraction in cognac compared to the first half of 2022 which benefited from the significant impact of inventory rebuilding among distributors,
  • Outstanding performance by the Fashion & Leather Goods business group, in particular Louis Vuitton, Christian Dior, Celine, Loro Piana, Loewe and all the other brands which gained market share worldwide,
  • Rapid growth in perfume, makeup, and skincare,
  • Impressive growth in high jewelry, and strong creative momentum among all Watches and Jewelry Maisons, in particular Tiffany, Bulgari, and TAG Heuer,
  • Exceptional performance by Sephora, confirming its position as world leader in beauty retail,
  • Return to profit for DFS, which benefited from the recovery in international travel.
  • Operating free cash flow halved due to major investments in exceptional real estate and in operational inventories, notably in high jewelry.

Key figures

Euro millions First half 2022 First half 2023 % change
Revenue 36 729  42 240  + 15 %
Profit from recurring operations 10 235  11 574  + 13 %
Group share of net profit 6 532  8 481  + 30 %
Net Financial Debt 11 117  12 465  + 12 %
Total equity 52 713  59 449  + 13 %

by business group:

Euro millions First half 2022 First half 2023 % change
Reported Organic*
Wines & Spirits 3 327  3 181  – 4 %  – 3 %
Fashion & Leather Goods 18 136  21 162  + 17 %  + 20 %
Perfumes & Cosmetics 3 618  4 028  + 11 %  + 13 %
Watches & Jewelry 4 909  5 427  + 11 %  + 13 %
Selective Retailing 6 630  8 355  + 26 %  + 26 %
Other activities and eliminations 109  87  –  –

* With comparable structure and constant exchange rates. The structural impact for the Group compared to the first half of 2022 was zero and the currency effect was -2%.

Profit from recurring operations by business group:

Euro millions First half 2022 First half 2023 % change
Wines & Spirits 1 154  1 046  – 9 %
Fashion & Leather Goods 7 509  8 562  + 14 %
Perfumes & Cosmetics 388  446  + 15 %
Watches & Jewelry 987 1 089  + 10 %
Selective Retailing 367  734  + 100 %
Other activities and eliminations (170)  (303)  –


Wines & Spirits: good half year for the Champagne business; weak demand for Hennessy

The Wines & Spirits business group recorded a slight revenue decline (3% organic) in the first half of 2023, when compared to a particularly strong first half of 2022. Profit from recurring operations was down 9%. The Champagne business recorded an increase in revenue over the half year, driven by its value-based strategy. Hennessy cognac was impacted by the economic environment in the United States and by the continued high stock level of its retailers. Among Provence rosé wines, LVMH acquired the prestigious, world leading domain Minuty, and Château d’Esclans stepped up its international expansion. The Joseph Phelps Vineyard, one of the most renowned wine properties in Napa Valley, California, was included in the first half accounts for the first time. Glenmorangie whisky and Belvedere vodka continued to show strong momentum in innovation.

Fashion & Leather Goods: remarkable performances by Louis Vuitton, Christian Dior, Celine, Loro Piana, Loewe and Marc Jacobs

The Fashion & Leather Goods business group recorded organic revenue growth of 20% in the first half of 2023. Profit from recurring operations was up 14%. Louis Vuitton had an excellent first half, still driven by its exceptional creativity, the quality of its products and its strong links with art and culture. Nicolas Ghesquière’s talent for creating a dialogue between fashion and architecture continued to elevate the strong desirability of his Women’s collections to the highest level. A new chapter opened with the arrival of Pharrell Williams as Men’s Creative Director. Set on the stage of the Pont-Neuf bridge in Paris, his first fashion show was met with huge enthusiasm and more than 1.1 billion views on social media reaching an all-time high. Christian Dior continued to enjoy remarkable growth in all its product categories. Whether in Mumbai, Mexico City or Paris, each of the fashion shows inspired by Maria Grazia Chiuri showcased the exceptional craftsmanship of the Maison. The Lady Dior bag, an icon of the Maison Dior, was also featured in the “Christian Dior, Designer of Dreams” Exhibition at the Tokyo Museum of Contemporary Art. The exceptional Dior Homme designs by Kim Jones and the unique high jewelry creations by Victoire de Castellane elevated the superb craftsmanship of the Maison to an unprecedented new contemporary level. The success of Hedi Slimane’s creations and fashion shows has continued to increase the desirability of Celine. Driven by the bold creativity of J.W. Anderson, Loewe continued to strengthen its distribution network, most notably with the opening of Casa Dubaï. Fendi opened new stores in Seoul and Tokyo. Loro Piana, Rimowa, Marc Jacobs and Berluti enjoyed an excellent start to the year.

Perfumes & Cosmetics: strong momentum in perfumes and makeup, supported by a highly selective and high-quality distribution policy

The Perfumes & Cosmetics business group recorded organic revenue growth of 13% in the first half of 2023 thanks to strong momentum achieved through innovation, combined with a highly selective distribution policy. Profit from recurring operations was up 15%. Christian Dior enjoyed a remarkable performance, strengthening its leadership in its strategic markets. Sauvage confirmed its position as the world’s leading perfume, while the iconic women’s fragrances J’adore and Miss Dior saw continued success. Makeup also contributed to the strong set of results from the Maison, particularly Dior Addict Lip Maximizer and Forever Skin Correct foundation. Finally, skincare had an excellent performance, particularly in the premium segment in Asia with its iconic Prestige range. Guerlain continued to grow, driven notably by the vitality of its Abeille Royale skincare and its high-end perfumery collection l’Art et la Matière, enriched with a new Jasmin Bonheur creation. Givenchy benefited from the excellent reception of its new fragrance Gentleman Society. Benefit successfully expanded its The Porefessional skincare range, while Fenty Beauty’s latest creation, Hella Thicc mascara, is already one of the Maison’s bestsellers.

Watches & Jewelry: strong growth in jewelry, sustained innovation in watchmaking

The Watches & Jewelry business group achieved organic revenue growth of 13% in the first half of 2023. Profit from recurring operations was up 10%. In jewelry, Tiffany enjoyed excellent momentum with the exceptional success of the reopening of the “Landmark” in New York; The Landmark has once again become an emblematic venue for New York life. The new Lock collection continued to be rolled out worldwide and the first High Jewelry collection by Artistic Director Nathalie Verdeille was unveiled. Bulgari, which experienced strong growth, celebrated the 75th anniversary of its iconic Serpenti collection. Its high jewelry, with notably the launch of the Mediterranea collection, saw outstanding performance. Chaumet and Fred experienced strong growth over the first half. TAG Heuer celebrated 60 years of its Carrera collection. The LVMH watchmaking Maisons TAG Heuer, Hublot and Zenith unveiled many new products during LVMH Watch Week and the Watches & Wonders trade show.

Selective Retailing: excellent performance by Sephora; DFS growth supported by the recovery in international travel

In Selective Retailing, organic revenue growth was 26% in the first half of 2023. Profit from recurring operations was up 100%. Sephora performed exceptionally well and continued to gain market share thanks to its distinct and innovative product and service offering. Momentum was particularly strong in North America, Europe and the Middle East. Its distribution network continued to expand, particularly in the United Kingdom where its first store opening proved a huge success. DFS benefited from the gradual recovery in international travel and, in particular, from the return of tourists to the flagship destinations of Hong Kong and Macau. In France, the strong performance of La Samaritaine in Paris confirmed its appeal as a destination, within the context of an increasing number of Asian tourists. Le Bon Marché, which is growing strongly, continued to develop innovative concepts and benefit from a loyal French customer base as well as a return of international travelers.

Outlook 2023

In an uncertain geopolitical and economic environment, the Group will maintain a strategy focused on continuously strengthening the desirability of its brands, by relying on the exceptional quality of its products and the excellence of their distribution.
Our strategy of focusing on the highest quality across all of our activities, combined with the energy and unparalleled creativity of our teams, will enable us to reinforce LVMH’s global leadership position in luxury goods once again in 2023.

An interim dividend of €5.50 will be paid on Wednesday, December 6th, 2023.

Regulated information related to this press release, the half-year results presentation and the half-year financial statement are available on our internet site www.lvmh.com
Limited review procedures have been carried out, the related report will be issued following the board meeting.

Details of the webcast relating to the publication of the 2023 half-year results are available at: www.lvmh.com



The condensed consolidated financial statements for the first half of 2023 are included in the PDF version of the press release.

Revenue by business group and by quarter

Revenue first half 2023 (Euro millions)

2023 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Distribution Other activities & eliminations Total
First quarter  1 694  10 728  2 115  2 589  3 961  (52)  21 035
Second quarter  1 486  10 434  1 913  2 839  4 394  140  21 206

Revenue first half 2023 (organic growth compared to the first half of 

 2023 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Distribution Other activities & eliminations Total
First quarter  + 3 %  + 18 %  + 10 %  + 11 %  + 28 %  + 17 %
Second quarter  – 8 %  + 21 %  + 16 %  + 14 %  + 25 %  + 17 %

Revenue first half 2022 (Euro millions)

2022 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Distribution Other activities & eliminations Total
First quarter  1 638  9 123  1 905  2 338  3 040  (41)  18 003
Second quarter  1 689  9 013  1 714  2 570  3 591  149  18 726

Alternative performance indicators
For the purposes of its financial communication, in addition to the accounting aggregates defined by IAS/IFRS, LVMH uses alternative performance indicators established in accordance with AMF position DOC-2015-12.
The table below lists these indicators and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS standards, in the published documents.

Indicators Reference to published documents
Free operating cash flow URD (consolidated accounts, consolidated cash flow statement)
Net Financial debt URD (notes 1.23 and 19 of the appendix to the consolidated accounts)
Gearing URD (part 2, Comments on the consolidated balance sheet)
Organic Growth URD (part 1, Comments on the consolidated income statement)

URD: Universal Registration Document as at 31 December 2022