Louis Vuitton dodges uncertainty and sees its profit grow like wildfire. As announced in a press release, the French fashion and luxury house has closed the first half of the year with a net profit 30% higher than in the same period last year.
In the first six months of 2023, the company had a total turnover of 42.24 billion euros, 15% more than in the first half of 2022, and the profit was more than 8.48 billion euros. These good results were driven by solid growth, especially in Asia and Europe, and Sephora's positioning as a world leader in beauty retail.
Leather goods and fashion were the company's fastest-growing divisions compared to last year: 20%, accounting for almost half of the company's turnover (21,162 million euros). Watches and jewellery, meanwhile, also grew by 13%, consolidating at 5,427 million euros, and increased by 13% compared to last year, as did sales of perfumes and cosmetics, although the value in millions of euros is somewhat lower.
Bernard Arnault, chairman and chief executive of Louis Vuitton, described the results as "outstanding" and stressed that this was achieved despite an environment dominated by uncertainty, inflation and geopolitical instability. "We approach the second half of the year with confidence and optimism, but we will remain attentive to the current environment," Arnault warned in the document issued by the company.
Last year, Louis Vuitton achieved record number in profits with 14.084 milions of euros, 17% more than the same period of 2021. On January, throught press release, the company announced that it's billing was 79.184 milions of euros. This was an increase of 23%, the same percentage by which its current operating profit rose to 21,055 million euros.