by Brian Lipton

lvmhLVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, has announced financial results for the first half of 2016.

Overall, the company reported revenue of €17.2 billion (approximately $18.9 billion) in the first half of 2016, an increase of 3 percent; in the second quarter, revenue increased by 2 percent compared to the same period in 2015. Profit from recurring operations was € 2,959 million (approximately $3.1 million) for the first half of 2016, consistent with the same period in 2015.

The company’s Watches & Jewelry group performed strongly, with Tag Heuer and Bulgari performing particularly well, and the Fashion & Leather Goods group recorded stable revenue and profit from recurring operations. Standout brands in that group included Louis Vuitton and Kenzo.

“LVMH’s results for the first half of 2016 reflect, more than ever, the strength of our business model, which allows us to continue to grow even during an unstable geopolitical environment and economic and monetary uncertainties,” said Bernard Arnault, chairman and CEO of LVMH. “The diversity of our businesses, the entrepreneurial style of our brands and the agility of our organization all contribute to the growth of the group. By remaining vigilant, we face the second half of the year with confidence and count on the quality of our products and the talent of our teams to further strengthen our leadership in the in the world of high quality products in 2016.”