LVMH Remains On Top With The Help Of Virgil Abloh

LVMH Remains On Top With The Help Of Virgil Abloh

LVMH announced net profit growth of 41 percent this year, mostly thanks to Virgil Abloh.

LVMH announced net profit growth of 41 percent this year, mostly thanks to Virgil Abloh.

Text: Lilly Pace

LVMH recently reported its numbers for the first half of 2018 - and they're exceptional. Equivalent to the company's numbers for all of 2010, the French multinational luxury goods conglomerate has seen organic revenue growth of 12 percent to €21.8 billion and net profit growth of 41 percent so far this year. With sales up across all product categories, including wines & spirits, fashion & leather goods, perfumes & cosmetics, watches & jewelry, and retail, these numbers are  not surprising.

In fashion, profits grew by 25 perfect, mostly due to the eternal popularity of Louis Vuitton. Not only are the brand's classic products selling, but the increased revenue can also be attributed to Virgil Abloh's new and innovative designs as men's artistic director.

"The remarkable growth at Louis Vuitton continues to be driven by its exceptional creativity, and by the right balance between tradition and modernity, the success of icons, and the new creations by Nicolas Ghesquière," said executives. "Of note during the first half was the arrival of Virgil Abloh, as Menswear Artistic Director, whose debut fashion show was widely commented on across social media, and was exceptionally well received."

Although his first designs aren't yet for sale, his increased media coverage and adoration by hypebeasts and streetwear fans plays a role in the brand's exceptional profitability. With the recent, successful debut of the Louis Vuitton Men's SS19 collection that showcased creative, modern trends, LVMH are certainly set to finish off both this year and next with even more impressive numbers.

Credits: IMAGE VIA VIRGIL ABLOH

UP NEXT

The Day Well Spent