French luxury goods group LVMH has posted a 15% year-on-year growth in revenue to €25.1 billion in the first half of its financial year.
The Moët & Chandon parent saw a 12% growth in organic sales during the period.
Chairman and CEO of LVMH, Bernard Arnault, described its performance as "an excellent start to the year."
"These results once again illustrate the effectiveness of our strategy and the exceptional desirability of our Maisons, whose products transcend time," he added.
Wine And Spirits
In the wine and spirits division, the organic revenue increased by 6% in the first six months to €2.5 billion from €2.3 billion in the first half of 2018.
Profit from recurring operations amounted to €772 million, up 6% from €726 million a year ago.
The division saw strong momentum in the United States, Asia, and emerging markets.
In the Champagne business, prestige vintages saw strong growth, while the price increase policy continued throughout the range, the company said.
Hennessy cognac also recorded solid growth and emerged as a leading international premium spirits brand.
LMVH also marked its entry into the quality rosé wines segment in this period with the acquisition of Château du Galoupet - a prestigious Côtes-de-Provence classified vintage wine.
Outlook
Commenting on the company's outlook, Arnault, said, "Despite buoyant demand, we will continue to manage costs and remain vigilant in the second half of the year.
"We are therefore entering the second half of the year with confidence and count on the talent of our teams and their shared entrepreneurial passion to further increase, once again in 2019, our leadership in the world of high-quality products," he explained.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
