Luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has published its financial report for the past financial year, announcing a strong increase in revenue.
Group revenue increased by nine per cent to a record €86.15 billion ($AU141.97 billion) despite a slowdown in sales in the second half of the year.
LVMH chairman Bernard Arnault highlighted the reopening of Tiffany & Co’s ‘Landmark’ location in New York City and the reception of Louis Vuitton and Christian Dior collections at fashion shows as important milestones.
“Our performance in 2023 illustrates the exceptional appeal of our Maisons [brands] and their ability to spark desire, despite a year affected by economic and geopolitical challenges. The Group once again recorded significant growth in revenue and profits,” he said.
“Our growth strategy, based on the complementary nature of our businesses, as well as their geographic diversity, encourages innovation, high-quality design and retail excellence and adds a cultural and historical dimension thanks to the heritage of our Maisons.”
For the year, sales in the watches and jewellery division increased by three per cent to €10.90 billion ($AU17.95 billion), with fourth-quarter revenue reaching €2.95 billion ($AU4.86 billion).
“While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams,” Arnault added.
“For LVMH, it provides a new opportunity to reinforce our global leadership position in luxury goods and promote France’s reputation for excellence around the world.”
By market capitalisation, LVMH is the world’s 18th largest company at $US418.8 billion ($AU636 billion), overseeing 75 brands – including Tiffany & Co, Bulgari, Kering, and TAG Heuer.
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Fluctuations in LVMH share price over the past six months. |
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