From Breakingviews - LVMH’s smooth ride faces twin speed bumps
after it failed to wow investors with its earnings, depressing Europe’s stock market. The owner of Dior, Tiffany and Givenchy reported a sound 17% organic sales growth to 42.2 billion euros in the first half of 2023, slightly better than expected. Yet investors balked at thecontraction in the United States - which represents about a quarter of total revenue - as inflation worries cooled shoppers’ appetite for expensive items.
LVMH’s conglomerate model, which spans over 70 brands, has so far proven resilient to crises. Despite a drop in 2020 due to global pandemic lockdowns, first-half sales have recovered and are up some 70% since 2019. Meanwhile operating profit for the same period has more than doubled to 11.6 billion euros. Yet, even LVMH may struggle to offset U.S. weakness if cracks appear elsewhere.
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