LVMH published mixed results for H1 23 as the stronger-than-expected recovery in Chinese demand for leather goods offset the decline in the cognac business mainly in the US.
However, the normalised promotional actions for Cognac in the US and higher A&P spending for the leather goods business weighed on profitability during the first half.
Although the weakening consumer environment in the US is likely to continue, LVMH has confirmed that the margins for FY23 will be at least the same as in F ....
