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LVMH delivers record first half performance

Paris, July 26, 2021

LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, recorded revenue of 28.7 billion euros in the first half of 2021, up 56% compared to the same period in 2020. Organic revenue growth was 53% compared to 2020 and 11% compared to 2019. This performance reflects accelerated growth in the second quarter of 2021, which saw organic revenue increase by 14% compared to 8% in the first quarter.
The first half of this year marks a return to strong growth momentum after a severely disrupted year in 2020 resulting from the global pandemic. The largest business group, Fashion & Leather Goods, achieved record levels of revenue with organic growth of 81% compared to 2020, and 38% compared to 2019. The United States and Asia are up sharply since the start of the year while Europe is experiencing a gradual recovery.

Profit from recurring operations was €7 632 million for the first half of 2021, up 44% compared to the first half of 2019 and more than four times higher than that of 2020. Operating margin reached 26.6%, up 5.5 points compared to 2019. Profit from recurring operations for the Fashion & Leather Goods business group stood at €5 660 million for the first half, more than three times that of 2020, and up 74% compared to 2019. Group share of net profit amounted to €5 289 million, up 62% compared to 2019 and 10 times higher than 2020. Operating free cash flow exceeded €5 billion, more than three times that of 2019.

Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH has enjoyed an excellent half-year and is reaping the benefits of having continued to innovate and invest in its businesses throughout the pandemic despite being in the midst of a global crisis. The creativity, the high-quality and enduring nature of our products and the sense of responsibility that drives us, have been critical in enabling us to successfully withstand the effects of the pandemic; they will remain firmly embedded in all our Maisons, thereby ensuring their continued desirability. Highlights from the first half include the integration of the Maison Tiffany and the inauguration of La Samaritaine after an ambitious renovation program. Within the current context, as we emerge from the health crisis and see a recovery in the global economy, I believe that LVMH is in an excellent position to continue to grow and further strengthen our lead in the global luxury market in 2021. As France is the principal recruitment area and the country of origin of many of our products, the growth of LVMH benefits the country today, and even more tomorrow, with all our Maisons being proud to make their contributions.”

Highlights of the first half of 2021 include:

  • Excellent start to the year, in particular for the largest brands, during a period marked by the first signs of an exit from the current health crisis yet also by a continued lack of return to international travel,
  • Remarkable performance by the Fashion & Leather Goods business group, particularly Louis Vuitton, Christian Dior, Fendi, Loewe and Celine which are gaining market share across all geographies and achieving record levels of revenue and profitability,
  • Sustained revenue growth in Asia and the United States and a gradual recovery in Europe,
  • Successful integration of Tiffany, which has performed extremely well since its acquisition,
  • Strong growth in direct sales to customers, both in-store and remotely,
  • Travel retail and hotel activities still held back by the limited recovery in international travel,
  • Remarkable operating free cash flow.


Key figures

Euro millionsFirst half  
First half  
% change
% change
Revenue18 39328 665+ 56 %+ 14 %
Profit from recurring operations1 6717 632x 4.6+ 44 %
Group share of net profit5225 289x 10.1+ 62 %
Operating free cash flow(1 721)   5 288-x 3.1
Net Financial debt8 23015 265x 1.9x 1.8
Total equity37 53242 624+ 14 %+ 21 %

Revenue by business group:

Euro millionsFirst half 2020First half 2021% ...
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