French luxury goods giant LVMH saw a surge in profits as demand bounced back from the pandemic.
The owner of Louis Vuitton, Hennessy cognac and Moet & Chandon champagne reported a profit of £8.6billion for the first half of 2022, up 34 per cent on the same period a year ago, as sales jumped 28 per cent to £31billion.
LVMH noted sales in Europe and the US have risen ‘sharply’ since the start of the year, offsetting lower levels of growth in Asia caused by Covid-19 lockdown measures in China.
Luxury life: Louis Vuitton and Moet & Chandon-owner LVMH reported a profit of £8.6bn for the first half of 2022, up 34% on the same period last year
The group hailed a ‘remarkable’ performance for its fashion and leather goods brands, which include Louis Vuitton and Christian Dior, with the division’s sales growing by 24 per cent.
Sales of its champagne jumped 16 per cent due to ‘particularly good’ performances in Europe, the US and Japan.
The perfumes and cosmetics business posted a 13 per cent growth in sales, although profits declined by 1 per cent due to a ‘highly selective’ distribution and promotions policy.
LVMH boss Bernard Arnault said the company was approaching its second half ‘with confidence’.
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