LVMH Fashion and Leather Results Strong, but Margins Held Back by Investments and FX
We expect to increase our fairvalue estimate for LVMH shares by a mid-single-digit percentage after the
company reported strong revenue growth in first-half 2019.
Organic growth in the first half
was 12% versus our 7% our annual expectation, which we expect to adjust upwards.
Growth was driven by the fashion and leather goods division, which increased by
18% organically, with acceleration in the second quarter to 20% growth (in addition to a 13% increase in second-quarter 2018). Louis
Vuitton ...
LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.
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