Lvmh Moet Hennessy Louis Vuitton, the luxury-goods empire based in Paris, reported that first-half net profit rose 28 percent thanks to its Louis Vuitton and Bulgari brands and growth in Asia and the United States.
The maker of Hennessy cognac, the iconic Baguette bag by Fendi and perfumes like J’Adore posted a net profit of 1.68 billion ($2 billion), compared with 1.3 billion a year earlier. Revenue rose 26 percent to 13 billion.
LVMH CEO Bernard Arnault credited initiatives including targeted expansion of its brands for the “excellent performance” in the first half.
“We approach the second half of the year with confidence,” Arnault said.
LVMH said it expects to continue to gain market share despite the uncertain economic environment in Europe on the strength of new product launches, targeted geographic expansion and cost management.