Louis Vuitton Moet Hennessy (LVMH) Group, which owns world-class luxury brands such as Louis Vuitton, Dior and Bulgari, recorded earnings surprise in the first half of this year beyond the pre-pandemic level.
According to foreign media such as Bloomberg and Reuters on the 26th (local time), LVMH posted $17.36 billion in sales in the second quarter of this year.
Compared to the same period a year ago, it increased 84 percent, surpassing the market’s estimate of sales growth (69 percent).
Compared to the same period in 2019, which was before the spread of coronavirus, it increased by 14 percent.
This is due to a rebound in demand for luxury goods consumption, which had been stagnant due to Pandemics last year.
Net profit in the first half of the year was $6.3 billion (about 7.263 trillion won), up 62 percent from the same period in 2019.
LVMH said in a statement that demand for fashion and leather products such as Louis Vuitton, Dior and Fendi has increased.
It also explained that sales of eco-friendly products increased 120% compared to the same period last year and 40% compared to the same period in 2019.
“The demand is still very strong,” LVMH Chief Financial Officer Jean-Jacques Guiony told Bloomberg.
LVMH continued to innovate and invest in business during the Pandemic period, LVMH CEO Bernard Arnault said in a statement. He believes LVMH is in a great position to maintain its lead in the global luxury market and grow further this year.
