LVMH's H1 2024 Earnings: Navigating the Downturn
LVMH Moët Hennessy Louis Vuitton reported a 14% decline in net profit for the first half of 2024, as luxury spending in China continued to wane. Despite this, the conglomerate saw a slight increase in overall revenues, driven by modest growth in its fashion and leather goods division, albeit below expectations. Significant profit drops in the wines and spirits, and watches and jewelry segments underscored the broader challenges facing the luxury market amid economic and geopolitical uncertainties. LVMH's management remains optimistic, emphasizing the group's resilience and strategic agility as key drivers for maintaining its luxury leadership into the second half of the year.
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Prada Group Reports Strong Growth in First Quarter of 2024 Amid Market Challenges
In the first quarter of 2024, Prada Group experienced a notable 11% increase in revenues, achieving 1.18 billion euros. This growth was driven by substantial gains in retail sales, particularly an 89% surge in Miu Miu's sales, and sustained by strategic product introductions like the Prada Buckle Bag and Miu Miu's new leather lines. Despite a challenging market environment, the Group saw geographic revenue increases across all regions, with Japan leading at 29%. Leadership emphasized the importance of agility and strategic positioning to maintain momentum and ensure long-term, sustainable growth.
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