LVMH half-year net profit drops 14%

LVMH's 14% drop in net profit from €8.48bn to €7.27bn for the first half of the year was put down to the uncertain geopolitical and economic environment.

Moreover, the luxury goods company reported a 1% drop in revenue for the first half of 2024, from €42.24bn to €41.68bn, as wealthy Chinese shoppers also cut back their spending.

Despite the earnings update, Bernard Arnault, chairman and chief executive of LVMH, whose brands include Louis Vuitton, Dior and Celine, remained upbeat:

[perfectpullquote align="full" bordertop="false" cite="" link="" color="" class="" size=""]The results for the first half of the year reflect LVMH's remarkable resilience, backed by the strength of its Maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty. Driven as ever by our dual focus on desirability and responsibility, we have continued to work towards achieving the targets set out in our environmental and social action programs. In a year marked by our partnership with the Paris 2024 Olympic and Paralympic Games, we are honoured to share our creativity, excellent craftsmanship and deep commitment to society to make this event a resounding success and an opportunity for France to shine on the world stage. While remaining vigilant in the current context, the group approaches the second half of the year with confidence, and will count on the agility and talent of its teams to further strengthen its global leadership position in luxury goods in 2024.[/perfectpullquote]