LVMH reports slight uptick in first half-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

LVMH reports slight uptick in first half

7/28/2009 3:07:50 PM

Paris -- LVMH Moet Hennessy Louis Vuitton (LVMH) reported an overall increase in reported revenue of 0.2 percent for the first half of 2009, the company announced on Monday.

The increase, which amounts to 7.8 billion euros in reported revenue (about $11 billion), reflects a slight increase compared with the same period in 2008, despite the economic crisis.

Reported revenues by business group were not as favorable. The watches and jewelry sector fared the worst for the period, decreasing 17 percent to 346 million euros (about $491 million), compared with 417 million euros (about $592 million) for the first half of 2008. Company officials said this was principally due to de-stocking by watch and jewelry retailers.

On a more positive note, TAG Heuer won market share in the United States thanks to its targeted actions and continued expansion in Asia, according to the company. Hublot also showed good resilience, opening its new manufacturing center near Geneva. Zenith celebrated 40 years of El Primero, and Montres Dior continued to develop its Christal line. Chaumet, De Beers and Fred concentrated on improving the productivity of its networks and boutiques.

Other business groups that experienced a loss in reported revenue included wines and spirits, down 17 percent, and perfumes and cosmetics, down 6 percent, compared with the first quarter of 2008.

One business category that showed positive reported revenue was fashion and leather goods, up 8 percent, due primarily to the Louis Vuitton brand increasing its progress in all of its markets "thanks to the quality of its products and the control of its store network," according to the company.

LVMH Chief Executive Officer Bernard Arnault said in a media release that the company's first-half results demonstrate the appeal of its brands as well as the effectiveness of its strategy.

"Louis Vuitton has had a particularly exceptional first half of the year, probably the best in the luxury universe, with double-digit revenue growth and exceptional profitability," Arnault said. "Reassured by the good resilience in the first half of the year, the group approaches the second half with confidence."

Looking ahead, LVMH said that in light of the current economic crisis, the company will continue to gain market share as a result of the numerous product launches it has planned before the end of the year, its geographic expansion in promising markets and cost management.

LVMH is a leading luxury goods group with watch and jewelry brands TAG Heuer, Chaumet, Christian Dior Watches, Zenith, Fred, Hublot and De Beers Diamond Jewellers Ltd., a joint venture created with the world's leading diamond group.

For more information about the company, visit its Web site, LVMH.com.

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