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.