<\/p>\n
LVMH\u2019s biggest unit, home to Louis Vuitton and Dior, posted sales growth last quarter for the first time in two years even as the conflict in the Middle East deterred wealthy shoppers.<\/p>\n
Organic sales at the division, the French luxury group\u2019s most profitable unit, rose 1%, the company said Monday, just below the estimate of analysts surveyed by Bloomberg. First-half profit from recurring operations exceeded estimates, underpinning margins.<\/p>\n
The luxury industry has been mired in a slump, first as Chinese shoppers \u2014 long a source of growth \u2014 curbed purchases, and more recently as the war sapped demand in Middle Eastern shopping hubs like Dubai. If not for the conflict, LVMH\u2019s quarterly sales would have grown by 4% instead of 3% at the group level, it said.<\/p>\n
A stabilisation in earnings in recent quarters together with resilient sales outside the Middle East, \u201csupports our view that LVMH has reached an inflection point in sales momentum and profitability,\u201d Citigroup analyst Thomas Chauvet said in a note.<\/p>\n
LVMH shares rose as much as 3.1% in early Paris trading, leaving the stock down 26% so far this year.<\/p>\n
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\u201cWhile continuing to pay very close attention to margins, we are entering the second half of the year with renewed confidence,\u201d Chief Executive Officer Bernard Arnault said in the statement.<\/p>\n
US organic sales rose 6% in the quarter, while Europe was flat. Japan and Asia excluding Japan climbed 14% and 4%, respectively.<\/p>\n
Jewelry demand<\/p>\n
Jewelry has been an industry bright spot, as well-heeled shoppers snap up gold rings and bracelets. LVMH\u2019s watches and jewelry unit \u2014 which includes Tiffany & Co. and Bulgari \u2014 posted an 11% jump in sales in the second quarter, well ahead of estimates. Rival Richemont posted surging sales during the same period, helped by demand for its Cartier and Van Cleef & Arpels jewelry brands.<\/p>\n
In fashion and leather goods, Arnault cited the success of artistic director Jonathan Anderson\u2019s first designs for Christian Dior Couture as a growth driver last quarter. Yet the brand, led by Arnault\u2019s daughter Delphine, is facing strong competition from Chanel, whose designer Matthieu Blazy put out popular collections earlier this year.<\/p>\n
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While Chanel is privately-held and doesn\u2019t have to disclose quarterly results like LVMH, top executives said in May the brand known for its tweed jackets was seeing signs of \u201cvery good\u201d early demand from clients. In a note earlier this year, Morgan Stanley estimated that Chanel could capture about 30% of industry growth in 2026, at the expense of competing brands, including Dior.<\/p>\n
Dior\u2019s growth in the second quarter was \u201ca bit above\u201d the fashion unit\u2019s average, LVMH Chief Financial Officer Cecile Cabanis said, while Louis Vuitton\u2019s was in line with the division.<\/p>\n
Other ready-to-wear companies such as Burberry Group Plc and Moncler SpA recently posted disappointing sales, showing consumers are being selective about their luxury splurges. Gucci owner Kering SA publishes results Tuesday and Hermes International SCA reports Wednesday.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#LVMH #fashion #units #return #growth #held #Iran #war<\/p>\n","protected":false},"excerpt":{"rendered":"
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