LVMH Pockets $33.8B in First Half of the Year

Fashion sales are booming, and Louis Vuitton Möet Hennessy continues to reap the benefits. 

The luxury conglomerate reported $33.8 billion in revenue for the first half of 2021, a 56% increase compared to a year prior.

The strong start was driven by LVMH’s largest group, Fashion & Leather Goods, which saw record revenue of $16.3 billion.

LVMH’s list of businesses is expanding, and its sports ties are getting deeper.

• It bought Tiffany for $15.8 billion in January and purchased 50% of Jay-Z’s Armand de Brignac champagne the next month. 
• Last week, it acquired a 60% stake in Off-White. Created by Louis Vuitton men’s artistic director Virgil Abloh, the brand produces athletic apparel and a popular line of sneakers with Nike.
• Louis Vuitton produced this year’s NBA Finals trophy case.
• Dior released Air Jordans; Hennessy partners with the NBA; TAG Heuer sponsors Porsche racing and Naomi Osaka; Veuve Clicquot sponsors the Polo Classic.

CEO Bernard Arnault credits the success to “having continued to innovate and invest in its businesses throughout the pandemic.”

LVMH’s market cap crossed $400 billion for the first time this month.