LVMH first half profits leap

Shares in French luxury products giant LVMH were little changed on Wednesday, showing only a slight gain despite a 25-percent first-half profit leap. Net profit amounted to 1.3 billion euros ($1.9 billion) and six-month sales rose by 13.0 percent from the equivalent figure last year to exceed 10 billion euros for the first time, the group said in a statement late on Tuesday. Operating profit rose by 23.0 percent to 2.2 billion euros The LVMH name owns the brands of Louis Vuitton, Givenchy, Moet & Chandon and Dom Perignon champagnes, Parfums Christian Dior and Sephora. Chief executive Bernard Arnault said that the group looked forward to the second half of the year with confidence. The price of LVMH shares was showing a gain of 1.23 percent to 131.60 euros in late morning trading. LVMH also said that it now owned 21.4 percent of the capital of luxury leather goods firm Hermes from 20.21 percent in December. The Hermes management has made clear that the arrival of LVMH as a big shareholder is unwelcome.