December 1, 2023

The French luxury goods group recorded revenue of €42.2bn for its 2023 half-year results, which was up by 15% on the same period in 2022, but down from the growth recorded in Q1.  

Speaking of the growth slowdown on its quarterly earnings call, the group’s chief financial officer Jean-Jacques Guiony said: “We never said that growing 20% per annum, as we’ve been doing roughly speaking, is a new normal.​”

The slower growth was attributed to fewer US consumers buying luxury goods, as well as lower-than-expected margins due to high marketing spending.

However, sales to Chinese consumers regained momentum and were stronger than the previous quarter.

Makeup and fragrance continued to be a strong point for LVMH, which it said was: “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. Profit from recurring operations was up 15%.

Strong sales for Christian Dior

Christian Dior had an outstanding quarter and the company said it was “strengthening its leadership in its strategic markets.​”

Men’s fragrance Sauvage confirmed its position as the world’s leading perfume, while women’s scents J’adore ​and Miss Dior both enjoyed continued success.

The house’s makeup offering also contributed to the strong results and notable products were its Dior Addict Lip Maximizer and Forever Skin Correct foundation.

Its skin care ranges also enjoyed excellent performance, particularly its Prestige​ range in Asia’s premium segment.


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