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H1 is successful for LVMH Perfumes & Cosmetics

Jul '08
LVMH Moët Hennessy Louis Vuitton, the world's leading luxury products group, recorded revenues of €7.8 billion in the first half of 2008, reflecting organic growth of 12%.

The Group had excellent performances in Asia, the United States and Europe. Profit from recurring operations increased by 7% to €1,541 million.

The current operating margin improved to 20%. This performance was achieved in an unfavourable currency environment and is even more noteworthy given the strong growth in the first half of 2007.

At constant exchange rates, profit from recurring operations increased by 19%. Group share of net profit increased by 7% in the first half of 2008.

Bernard Arnault, Chairman and CEO of LVMH, commented: “The first half results once again demonstrate the exceptional appeal of our brands as well as the effectiveness of our strategy, particularly remarkable given the adverse currency and economic environment seen during this period.

LVMH thus proves its exceptional capacity to grow thanks to the strength of its brands, the responsiveness of its organization and the talent of its teams.

Reassured by the strong momentum in the first half of the year, the Group approaches the second half with confidence.

It will rely upon the creativity and quality of its products as well as the efficiency of its teams to pursue further development in its historical markets as well as in high potential emerging markets.

All these elements enable us to confirm our objective of a tangible increase in results for 2008.”

Wines & Spirits: acceleration of growth in the second quarter
After a first quarter impacted by an unfavorable timing of price increases compared to 2007, Wines & Spirits revenue accelerated to achieve organic growth of 13% in the second quarter.

The overall market trends in Europe are positive. Emerging markets, such as Russia, China and the Middle East, recorded sustained growth. The Champagne business was driven by the good performance of Veuve Clicquot Ponsardin and Moët & Chandon.

Ruinart also saw strong growth. New World wines registered good progress. Hennessy cognac revenue was boosted by the remarkable performance of its premium qualities in China and Russia.

Fashion & Leather Goods: continued exceptional momentum at Louis Vuitton Fashion & Leather Goods delivered organic revenue growth of 14%.

Profit from recurring operations rose to €858 million. Once again delivering double-digit organic revenue growth, Louis Vuitton continues to strengthen its market position and deliver exceptional profitability.

The brand continues to be driven by its incomparable capacity to innovate, illustrated notably by the launch of numerous timeless lines and by the creations of Marc Jacobs in conjunction with the artist Richard Prince, which enjoy a worldwide success with clients.

Fendi continued the excellent trend experienced in 2007. The other fashion brands, notably Marc Jacobs, Donna Karan, Kenzo, Pucci and Loewe have had favorable trends.

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