Excellent first half for Christian Dior





Excellent first half for Christian Dior




Paris, July 26, 2022


The Christian Dior group recorded revenue of €36.7 billion in the first half of 2022, up 28% compared to the same period in 2021. Organic revenue growth was 21%. All business groups achieved double-digit organic revenue growth over the period.


In the second quarter, revenue increased by 27% against a particularly high basis of comparison. Organic revenue growth was 19%, in line with trends seen in the first quarter. Europe and the United States have been up sharply since the start of the year, while Asia saw a lower level of growth due to the new health restrictions in China.


Profit from recurring operations was up 34% at €10 232 million for the first half of 2022. Operating margin reached 27.9% of revenue, up 1.3 points compared to the first half of 2021. Group share of net profit was €2 678 million, up 24% compared to the first half of 2021.


Highlights of the first half of 2022 include:

  • An excellent first half in a still disrupted environment,
  • Double-digit organic revenue growth for all business groups,
  • Strong growth in Europe, Japan and the United States,
  • Exceptional momentum in champagne and cognac,
  • Remarkable performance by the Fashion & Leather Goods business group, particularly Louis Vuitton, Christian Dior, Fendi, Celine, Loro Piana and Loewe,which gained market share across the board and achieved new record highs for profitability,
  • Rapid growth in fragrances and skincare,
  • Continued creative momentum within all our Watches & Jewelry Maisons, particularly Tiffany, Bulgari and TAG Heuer,
  • Strong rebound from Sephora,
  • Recovery in hotel activities,
  • Operating free cash-flow of more than €4 billion.


Key figures



Euro millions First half
First half
% change
Revenue 28 665 36 729 + 28 %
Profit from recurring operations 7 612 10 232 + 34 %
Group share of net profit 2 169 2 678 + 24 %
Operating free cash flow 5 290 4 043 – 24 %
Net financial debt 15 349 10 885 – 29 %
Total equity 40 128 50 324 + 25%


Revenue by business group:

Euro millions First half 2021* First half 2022 % change

Reported Organic**

Wines & Spirits 2 705 3 327 + 23 % + 14 %
Fashion & Leather Goods 13 863 18 136 + 31 % + 24 %
Perfumes & Cosmetics 3 025 3 618 + 20 % + 13 %
Watches & Jewelry 4 023 4 909 + 22 % + 16 %
Selective Retailing 5 085 6 630 + 30 % + 22 %
Other activities and eliminations (36) 109
Total 28 665 36 729 + 28 % + 21 %


Profit from recurring operations by business group:



Euro millions First half


First half


% change
Wines & Spirits 924 1 154 + 25 %
Fashion & Leather Goods 5 660 7 509 + 33 %
Perfumes & Cosmetics 393 388 – 1 %
Watches & Jewelry 783 987 + 26 %
Selective Retailing 131 367 + 181 %
Other activities and eliminations (279) (173)
Total 7 612 10 232 + 34 %

* The financial statements as of June 30, 2021 have been restated to reflect the purchase price allocation of Tiffany.

** With comparable structure and constant exchange rates. The structural impact for the Group compared to the first half of 2021 was zero and the currency effect was +7 %.



Wines & Spirits: strong growth in Champagne and good progress of Hennessy

The Wines & Spirits business group recorded organic revenue growth of 14% in the first half of 2022. Profit from recurring operations was up 25% compared to the first half of 2021. Against a backdrop of strong demand, champagne volumes were up 16% compared to the first half of 2021, leading to increasing pressure on supplies. Momentum was particularly good in Europe, the United States and Japan. For Hennessy, the impact of health restrictions in China and logistical disruptions in the United States was offset by the strong rebound in the second quarter linked to a catch-up in deliveries to the United States and a firm policy of price increases. Moët Hennessy strengthened its global portfolio of exceptional wines with the signing of an agreement to acquire the Joseph Phelps Vineyards, one of the most renowned wine properties in Napa Valley, California.


Fashion & Leather Goods: remarkable performances by Louis Vuitton, Christian Dior, Fendi, Celine, Loro Piana and Loewe


The Fashion & Leather Goods business group recorded organic revenue growth of 24% in the first half of 2022. Profit from recurring operations was up 33%. Driven as always by an exceptional creativity and with a major cultural focus, Louis Vuitton had an excellent first half across all its business activities and maintained its profitability at an exceptional level. Nicolas Ghesquière presented, for the first time at the Musée d’Orsay, his Women’s Autumn-Winter 2022 collection and chose the Salk Institute in San Diego, California, for his 2023 Cruise show. Remarkable renovations continue to be made to the store network, for example in Lille, where Louis Vuitton Maison has reopened in the iconic L’Huîtrière (Oyster House). Maintaining its commitment to the development of high-quality craftsmanship and artisanal excellence, the Maison inaugurated two new workshops in France, including one for precious leathers in Vendôme. Christian Dior continued to enjoy remarkable growth in all its product categories. The latest fashion shows in Seville and Paris, which highlighted the inspiring collections of Maria Grazia Chiuri, were very well received. After three years of renovations, the historic birthplace of the Maison at 30 Avenue Montaigne in Paris reopened, celebrating its excellent know-how, its passion for couture, its elegance and culture, and offering a new holistic experience unique to Dior. Fendi recorded solid growth, driven by the success of the Kim Jones collections. Celine saw very strong growth resulting from the remarkable success of the ready-to-wear and leather goods created by Hedi Slimane, notably with the new line of high-end leather goods for its Triomphe and 16 collections. Loewe continued to show excellent momentum under the impetus of the bold creativity of J.W.Anderson. Loro Piana and Marc Jacobs also enjoyed an excellent first half of the year.


Perfumes & Cosmetics: strong momentum in perfumes, rebound in makeup, impact of health restrictions in China and commitment to selective distribution


The Perfumes & Cosmetics business recorded organic revenue growth of 13% in the first half of 2022. Profit from recurring operations was down 1% due to its highly selective policy in distribution and promotions. Parfums Christian Dior performed remarkably well, strengthening its leadership in all its key markets. Sauvage confirmed its position as the world’s leading perfume and the iconic women’s fragrances J’adore and Miss Dior saw continued success. Makeup also contributed to the Maison’s very good results. Guerlain continued to grow, driven notably by the vitality of its Abeille Royale skincare, its Aqua Allegoria collection and its Parfumerie l’Art et la Matière. Parfums Givenchy benefited from the success of its L’Interdit perfume. Maison Francis Kurkdjian collaborated with the Château de Versailles as part of its patronage supporting the creation of a Jardin du parfumeur.




Watches & Jewelry: recovery in jewelry and watch revenue


The Watches & Jewelry business achieved organic revenue growth of 16% in the first half of 2022. Profit from recurring operations was up 26%. In jewelry, Tiffany & Co. enjoyed an excellent half-year, still driven by strong momentum in the United States. The new Knot collection notably benefited from sustained demand, as did the High Jewelry collection Blue Book, which saw record sales. A pop-up store opened on Avenue Montaigne in Paris, offering an immersive experience around the theme of the love story between Paris and Tiffany, while the Saatchi Gallery in London hosted the “Vision & Virtuosity” exhibition, celebrating the Maison’s 185th anniversary. At Bulgari, the Serpenti and Bzero1 Classic lines were important growth drivers, while new records were set by the recently launched High Jewelry and High Watchmaking collection Eden: The Garden of Wonders and its watch lines, including the new Octo Finissimo Ultra watch. Chaumet and Fred performed very well over the first half. Chaumet’s “Végétal” exhibition at the Palais des Beaux-Arts in Paris has been a great success. Several watchmaking innovations from TAG Heuer, Hublot and Zenith were unveiled at the Watches & Wonders Geneva summit.


Selective Retailing: excellent performance by Sephora; DFS impacted by health restrictions in China


In Selective Retailing, revenue was up 22% in the first half of 2022. Profit from recurring operations was up 181%. Sephora enjoyed an excellent performance with a strong rebound in its in-store activity. Momentum was particularly strong in North America, France and the Middle East. Investments in Sephora’s omnichannel strategy continued with the aim of continuously improving the purchasing experience of its customers both online and in-store. DFS, for its part, was impacted during the first half by persistent weakness of international travel, notably due to the tightening of health restrictions in China.


Outlook 2022


Given the current geopolitical environment and taking into account the health situation, The Christian Dior group will maintain a strategy focused on continuously strengthening the desirability of its brands, by relying on the exceptional quality of its products and the excellence of their distribution.

Our strategy of focusing on the highest quality across all of our activities, combined with the dynamism and unparalleled creativity of our teams, will enable us to reinforce Group’s global leadership position in luxury goods once again in 2022.


An interim dividend of €5.00 will be paid on Monday, December 5, 2022.


This financial release is available on our website www.dior-finance.com.


Limited review procedures have been carried out, the related report will be issued following the board meeting.


This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in Christian Dior’s Annual Report which is available on the website (www.dior-finance.com). These forward looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward looking statements only reflect Christian Dior’s views as of the date of this document, and Christian Dior does not undertake to revise or update these forward looking statements. The forward looking statements should be used with caution and circumspection and in no event can Christian Dior and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in Christian Dior or an invitation or inducement to engage in any other investment activities.







The condensed consolidated financial statements for the first half of 2022 are included in the PDF version of the press release.


Christian Dior group – Revenue by business group and by quarter


Revenue first half 2022 (Euro millions)

2022 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total
First quarter 1 638 9 123 1 905 2 338 3 040 (41) 18 003
Second quarter 1 689 9 013 1 714 2 570 3 591 149 18 726
First half 3 327 18 136 3 618 4 909 6 630 109 36 729

Revenue first half 2022 (organic growth compared to the first half of 2021)

2022 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total
First quarter + 2 % + 30 % + 17 % + 19 % + 24 % + 23 %
Second quarter + 30% + 19 % + 8 % + 13 % + 20 % + 19 %
First half + 14 % + 24 % + 13 % + 16 % + 22 % + 21 %

Revenue first half 2021 (Euro millions)

2021 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total
First quarter 1 510 6 738 1 550 1 883 2 337 (59) 13 959
Second quarter 1 195 7 125 1 475 2 140 2 748 23 14 706
First half 2 705 13 863 3 025 4 023 5 085 (36) 28 665

Alternative performance indicators 

For the purposes of its financial communication, in addition to the accounting aggregates defined by IAS/IFRS, Christian Dior uses alternative performance indicators established in accordance with AMF position DOC-2015-12.

The table below lists these indicators and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS standards, in the published documents.


Indicators Reference to published documents
Free operating cash- flow AR (consolidated accounts, consolidated cash flow statement)
Net Financial debt AR (notes 1.23 and 19 of the appendix to the consolidated accounts)
Gearing AR (part 2, Comments on the consolidated balance sheet)
Organic Growth AR (part 1, Comments on the consolidated income statement)

AR : 2021 Annual Report

This document is a free translation into English of the original French financial release dated July 26th, 2022.

It is not a binding document.

In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.


  • Christian Dior – Communiqué Résultats S1 2022 VA

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