Organic growth

Also: underlying growth

Organic growth is sales growth excluding currency translation and changes in scope: acquisitions, disposals and, at some companies, transfers of stores or licences. It combines like-for-like growth, new space and wholesale or other channels. Each group defines it in its own reconciliation, so the figure is only as useful as the bridge published next to it. It does not separate price from volume.

// IN PRACTICE

In a multi-brand group, organic growth is the line that shows whether the brands owned a year ago are selling more. An acquisition can lift reported growth for four quarters while the existing brands are flat on an organic basis.

// EXAMPLE

LVMH reported first-half 2026 revenue of €38,644m (€39,810m), down 2.9%, with organic growth of 2%; the company states exchange rates at minus 5 points and scope at minus 1 point.

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