The French luxury giant LVMH's net profit for the first half of 2024 falls by 14 percent compared to the same period last year, shows the company's interim report.
The company's revenue decreased by 1 percent and amounted to almost 41.7 billion euros – approximately 487 billion kronor – during the first six months of the year. The company owns, among other brands, Fendi and Louis Vuitton.
The so-called organic growth in the company's wine and spirits segment fell by 9 percent. LVMH explains the decline, among other things, by the weak demand for Hennessy cognac in China and the decline in champagne sales.
At the same time, growth in the company's perfume and cosmetics segment increased slightly.
LVMH's CEO and chairman, Bernard Arnault, has several times been ranked as the world's richest person.
The company's share has lost around 13 percent on the stock exchange over the past three months.
