GENEVA, July 27 — LVMH, the world’s leading maker of luxury goods, said Monday that sales and profits had bounced back strongly in the first six months of 2021 as demand soared after the pandemic-induced slump last year.
“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,” chief executive Bernard Arnault said in a statement. The group’s bottom-line net profit soared to €5.3 billion in the period from January to June. That is a 10-fold increase from the corresponding period a year earlier, and a 62-per cent rise compared with the first half of 2019.Underlying or operating profit quadrupled to €7.6 billion.“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 group’s statement said.
In geographical terms, Asia and the United States posted stronger rebounds than Europe, while a look at the business side showed that US jeweller Tiffany was being successfully integrated.
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