French luxury fashion house LVMH Moët Hennessy Louis Vuitton (LVMH) has reported €36.7bn ($37.1bn) in revenue for the first half (H1) of the fiscal year 2022 (FY22), up by 28% from the corresponding period of FY21.
Driven by double-digit organic revenue growth across all business groups over the six-month period, the company posted a 21% growth in organic revenue for H1.
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LVMH’s Fashion & Leather Goods unit reported a 31% growth in recorded revenue to €18.14bn, while its Selective Retailing group saw its revenue increase by 30% to €6.63bn compared with H1 2021.
The company’s Watches & Jewellery group recorded a 22% growth in revenue, while its Perfumes & Cosmetics unit posted a 20% revenue increase from a year earlier.
For the six months to 30 June, LVMH’s profit from recurring operations grew by 34% to €10.23bn against €7.62bn in the same period of the prior year.
The retailer’s operating margin increased by 1.3 points and reached 27.9% of its revenue, while its group share of net profit was up by 23% to €6.53bn compared with €5.3bn in the first half of FY21.
During the second quarter of the year, LVMH’s reported revenue grew by 27% and its organic revenue grew in line with the first-quarter trend at 19%.
LVMH chairman and CEO Bernard Arnault said: “LVMH has enjoyed an excellent start to the year, to which all of our business groups contributed.
“It is the creativity and quality of our products, the excellence of their distribution and the rich cultural heritage of our Maisons, fuelled by their history and know-how, that enable the group to excel around the world.
“We approach the second half of the year with confidence, but given the current geopolitical and health situation, we will remain vigilant and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2022.”
